CNN Money recently ran an interesting article on the drop in Apple’s [stckqut]AAPL[/stckqut] share price. It is probably no secret to my readers that Apple’s share price has dropped fairly dramatically in the last several weeks.
In the article, Philip Elmer-DeWitt (the author) quotes 5 different investment pros and then finally each pro puts out a prediction for the price of Apple’s stock.
- RBC Capital’s Amit Daryanani: Sticking with $750 price target.
- Barclays’ Ben Reitzes: Price target unchanged at $800.
- CLSA’s Avi Silver: Poised To Rebound. $770 price target.
- Piper Jaffray’s Gene Munster: Comfortable With FY13 Margin Assumptions. Reiterating $900 price target.
- Avondale Partners’ John Bright: Initiating coverage with $600 price target.
I am also reiterating my commitment to Apple as soon as the bottom is found and the price starts to rise again. Why pay more if the price is dropping short term? I think Apple is probably a buy up to $820.