This spring, with the iPhone 6 selling like hotcakes and the stock trading above $124, Ahmad raised his target (to $85) but not his rating. “We sense,” he wrote, “that the company is over-earning, over-loved and, in our view, the stock should be ‘over-and-out’ soon.”
I truly hate seeing people lose their job, but I am glad to see that there are consequences for analysts that don’t seem to know what they’re talking about.
Well being that off on AAPL then he might be equally bad at other stock predictions! Fanboy worship against any investment is a disaster waiting to happen!
Are you saying that you also think AAPL is over priced?
He wasn’t an analyst: He was a talking head that had ZERO business opining on something he knew very little about. Other CNBC talking heads offer sheer opinion and are rarely held accountable when they’re wrong.
Ahmad getting fired for being a dunce was a rare exception.
Analysts live in a culture that trains them to believe they can make the market respond by pronouncing successes or failures, which in the short term, many do. As far as many traders are concerned, it doesn’t matter what a company’s fundamentals are if the entire Street is echo-chambering a specific sentiment about it. At least in the short term.
That this guy got fired is probably more about some kind of personality issue.
“As we have stated before on many occasions, Apple’s time to turn from a tech titan into a dinosaur will come, but we still think that we are at least a year away…” – Adman Ahmad in 2012
Such a classic.
You guys are totally missing the point about analysts. Analysts are not paid to be accurate. They are paid to bring in and retain clients who believe in them. They are a marketing tool. Ahmad and his partner were not fired for being wrong about Apple. If that was the case, the list of analysts being fired would be much longer, and not just for making bad predictions about Apple. They were fired because clients no longer believe in or subscribe to their reports. Get your asses out of the closed Apple world and try to understand a situation before making silly comments. Not everything revolves around Apple.
Is it normal to refer to oneself in the third person or is that in his capacity as a spokesperson for the bank? I’m never clear on that.
It’s a damn good thing you’re here to set us all straight. It thank you from the bottom of my colon.
Who is making silly comments? I would think it’s the “analysts”.
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