Barry Ritholtz, CEO of Fusion IQ and author of The Big Picture blog, has been ringing the alarm bells about Apple stock for months. A self-described Apple fanboy, Ritholtz was warning that Apple could fall below $500 a share late last November (the stock was trading in the $571 range at the time) and has since lowered his forecast to $350 a share. Last October, Ritholtz started to unwind his clients’ positions in the tech giant, cutting their exposure by at least a third.
Ritholtz says the stock could may full further from here but does not believe the end of Apple is near.
“You cannot grow 20, 30 percent as a hardware company forever,” he says in the accompanying clip. “Apple is transitioning from a growth stock to a value stock.”
We also had this warning back when Apple $625 . . .
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Source: Yahoo Finance