Update – May 09, 2009: Royal Bank of Canada (RBC) analyst Mike Abramsky reached out to Fortune Apple 2.0 columnist Philip Elmer-DeWitt on Friday to offer up a bit of a mea-culpa for his “country mile” miss on Apple’s (AAPL’s) share price movement. On January 18, 2009 Mike Abramsky placed a sell recommendation on Apple with a $70 price target. AAPL at that point in time was trading at $82.83. As of Friday (5/8/09), Apple (AAPL) was hovering near $130 per share … some 60 points above RBC’s original target price.
Read Mike Abramsky’s mea culpa here > via Fortune Apple 2.0. NOTE: Mike Abramsky saw the bright “wrong way” sign and has changed course. He recently raised his Apple (AAPL) price target twice – now at $165. Read below …
Update – April 23, 2009: It happened! I know I shouldn’t be enjoying this so much. But we have to smile just a bit. We have our answer to the poll above! “Whoops! Did I say $70? I meant $170! My bad.” Yep … Today Mike Abramsky raised his Apple (AAPL) price target from $95 (was $70 just days earlier) to $165!
Update – April 20, 2009: Pigs are indeed flying. Mike Abramsky has raised his Appple (AAPL) estimate. A whopping $25 but still some $25 below the current AAPL price (120 today). Excerpt from Barrons: 04/20/2009 “RBC Capial’s Mike Abramsky keeps his Underperform rating, but ups his target to $95, from $70, to reflect “peer multiple re-valuation.”
April 3, 2009: RBC wireless analyst Mike Abramsky recently raised his price target for Palm (PALM) and Research in Motion (RIMM) and can’t seem to appreciate Apple’s (AAPL) ability to defy his lowered price target. On January 18, 2009, when Apple (AAPL) was trading at $82, Mike Abramsky lowered his target on AAPL to $70 and just two days later substantially raised his price target on RIMM (then trading @ $51 give or take) to $75. Today (April 2) RIMM is up nicely after good earnings* (hovering at $59 after hours) and AAPL is trading after hours at $115. Nice going Mike … you’re up $8 bucks on RIMM … finally! I only hope RBC’s clients did not short Apple. If so they’ve now lost $33 per share on that trade.
For the record … The iPhonAsia editor is long Apple (AAPL) and has doubts over the integrity of Palm’s IP claims and ability of Research in Motion to gain marketshare vs. iPhone … In other words, iPhonAsia holds the exact opposite views as RBC’s telecom analyst Mike Abramsky. Read > HERE and watch video > HERE
*Research in Motion (RIMM) warned a few weeks ago and lowered the bar substantially … today they came in with earnings above the “lowered” bar. The Street reacted favorably and RIMM moved up nicely in after hours trading. Congratulations to RIMM shareholders. I hope RIMM and AAPL rocket to the Moon!
For more background see >