Sentiment sank even faster than the stock.
I’ve never seen Apple analysts scramble quite so fast as they did Tuesday after the company issued its harsh guidance for the quarter that ends in March.
No sooner had CEO Tim Cook “ripped the Band-Aid off”—as one put it—than the analysts who follow the company began cutting their 12-month price targets—some of them for the second time in a week.
I haven’t heard from every sell-side analyst. Drexel Hamilton’s Brian White (as of Oct. 1, 2015, still at a Street-high $200) is conspicuously absent.
But switching between the two views of the 23 targets shown below will give you a feel for what happened to the consensus view of Apple literally overnight.
Sell-side targets tend to be trailing indicators. When the stock goes up, they follow suit. This time they moved—en masse—ahead of the stock. The average price target fell 10% on Wednesday. Apple (aapl), meanwhile, fell 6.6%.