It’s been three years since Berenberg Bank analyst Adnaan Ahmad began predicting doom for Apple, setting a split-adjusted price target of $60 a share and — five months later — flipped the stock’s rating from Buy to Sell.
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.”
Email from Ahmad this morning:
As you may already know, Daud Khan and I have unfortunately been let go at Berenberg. It has been a pleasure debating and discussing the sector with you all. I have strived to be as honest, independent and give a high level of integrity in my research as possible throughout my career.
As many of you know, my views have been controversial in the global tech space and I have taken a fair amount of abuse but I have enjoyed the two way dialogue immensely.
controversial he means