abramsky on apple

Despite the upcoming launch of the iPhone OS 3.0 and rumors of a significant upgrade to the iPhone itself, Mike Abramsky of RBC remains cautious about Apple Stock, and is maintaining his “underperform” rating on the stock, along with his $70 price target.  Abramsky wrote in a note to clients that Apple isn’t likely to come out with a low-end iPhone, and that a price umbrella (to borrow a phrase from Tim Cook) might will eat into Apple’s market share. ...

So for all you folks keeping score at home right now, Apple is currently trading at $104.49.  Abramsky has a price target of $70 on Apple.  He gets paid to analyze this stuff.  I don’t.  Let’s see if Apple gets down to $70 anytime soon.

via Edible Apple.