Apple-analys

Här är intressanta kommentarer kring Apple från Obermeyer Asset Management. I korthet menar de att Apple antagligen kommer ha svårt att leva upp till de förväntningar som nu finns i marknaden. De har många kloka resonemang och siffror som underbygger deras syn. Tycker de ger en bra och objektiv bild, de poängterar att de egentligen inte är varken "bullish" eller "bearish" till aktien. Bara att den inte är intressant att köpa just nu.

www.obermeyerasset.com/images/uploads/2012_March_Commentary_1.pdf

”Given our shared appreciation for Apple as a company, why aren’t we making a place for it in client portfolios? We generally separate current and prospective investments into three broad categories: Yes, No and Too Difficult. In the case of Apple, we see this investment as Too Difficult.

…
” When we look at our cash flow models, assuming Apple can maintain its current operating margins (a heroic assumption in the face of increased competition in the tablet market), to justify the current stock price, it appears to us that Apple will have to sell about $2.6 trillion worth of total products and services over the next ten years.”
…

“Because markets are forward-looking, and because of Apple’s success to-date, the high expectations of others and our experience in how markets work, we continue to believe it’s best to stay away from its shares – whether that stance comes with an opportunity cost or a benefit. We are neither bullish nor bearish on Apple Inc.; we simply view investment in its stock at the current price as Too Difficult.”

Jag skrev själv om Apple för någon vecka sedan och var då inne på liknande linje som Obermeyer:

smartainvesteringar.se/2012/03/19/apple-klassiskt-exempel-pa-flockbeteende/