Analyst Daniel Ives, with a Street-high $310 Apple price target, tells CNBC it’s all about China.
From CNBC’s Power Lunch on Friday:
Last year was just a massive disappointment for Cupertino and Cook. I think what they realized is they went for the 4-digit phone—in terms of a thousand dollar price points—and that really backfired. This is really a mea culpa. They realized what they needed to go after, it’s really about China.
Even though last night was a black eye for tech, I think when you go into Apple’s earnings I think they could sort of take this baton. In our opinion, the stock goes meaningfully higher.
My take: “Massive disappointment” is a massive overstatement, but Ives has two assets that make him catnip for CNBC: A Street-high Apple price target and a sack full of metaphors.