And why did he plant the idea on CNBC this morning that Apple might fall to $117?
Apple shares could be in for a disappointing 2019 as the technology sector faces its “strongest headwinds in a decade,” one equity research analyst told CNBC Thursday…
“We’ve seen (Apple) on valuations even lower than where they are today,” Pelham Smithers, the managing director of London-based equity research and market intelligence firm Pelham Smithers Associates, said in an emailed note to CNBC.
“And with the Qualcomm lawsuit, smartphone exhaustion and trade worries, we could easily test those historic lows, which would mean up to 25 percent downside from here.”
Cue the video (which except for the chyron, makes no mention of any 25% downside).
My take: What, no research? No spreadsheet? No published data? Apparently all it takes to plant a piece of Apple FUD these days is an emailed note to CNBC.
To answer my own question (from pelhamsmithers.com):
Pelham Smithers Associates is a leading English language independent research provider covering the Japanese stock market. We focus primarily on Japanese manufacturing – TMT, autos, pharma, and machinery – and on internet plays and video games. We also write on market strategy.
Founded in 2009, over the past nine years Pelham Smithers Associates has steadily built up a blue chip institutional stock investing client base as paying readers of its research. We are fortunate in having benefited from word of mouth recommendations. We are recognised by our clients as a go-to provider of in-depth analysis and explanation of new technologies emanating from Japan and the impact of these on both Japanese companies and companies globally.