Apple Inc: Analyst Bullish on Apple; Tech Bubble Underway Says Hedge Fund Manager
By Athena Yenko | May 8, 2014 2:21 PM EST
Analyst Brian White of Cantor Fitzgerald said he is one of the most bullish on Apple stock, placing a price target of $777 for Apple Inc (NASDAQ:AAPL) stock.
In a note to investors on Wednesday obtained by AppleInsider Cantor explained that Apple's supply chain implied that the company is indeed on its way of introducing new products in the coming months.
He said that his "Apple Barometer" showed that first round of sales on April from 97 per cent of Apple suppliers showed an increase of 7 per cent month over month. With this data at hand, Cantor expects that by the second half of 2014, the rumoured iPhone 6 and revamped iPads will be announced. Cantor also predicted that the iWatch launch can also happen in 2014.
"With Apple's March quarter results out of the way a couple of weeks ago, and WWDC on the horizon in June, we believe more investors will be getting more actively involved with the name ahead of this product cycle, during what we have dubbed as the 'Year of Innovation,'" White wrote.
Greenlight Capital Inc. became known for its wager Lehman Brothers Holdings Inc.'s decline. In 2008, the bank had indeed collapsed.
Einhorn is warning the industry of an impending bubble in tech stocks in a conference call held by Greenlight Capital Re Ltd.
"I'd like to clarify Greenlight's remarks about a new technology bubble. In general, we are bullish on technology and technology stocks."
He said that iPhone maker Apple is "quite inexpensive".
"However, we have identified a number of momentum technology stocks that have reached prices beyond any normal sense of valuation. We believe that they are in a bubble and we have shorted a good number of them in what we call the 'bubble basket.'"
Meanwhile, Apple Inc. will commence ex-dividend trading on May 08, 2014 according to NASDAQ OMX.
Cash dividend payment of $3.29 per share is to be paid on May 15, 2014.
To be eligible for the ex-dividend payment, one should be a shareholder who purchased AAPL stock before May 08.
It is to be noted that there was a 7.87 per cent increase over the previous quarter; the current stock price is $594.41 with 2.21 per cent dividend yield.
The previous trading day's last sale of AAPL was $594.41, representing a -1.65% decrease from the 52 week high of $604.41 and a 52.86% increase over the 52 week low of $388.87, as quoted from NASDAQ.com News.
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