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Mick Weinstein

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  • Apple F1Q 2010 Earnings Live Discussion [View article]
    Carl is joining us, chano. And Ernie is a very smart writer on Apple - I look forward to hearing his response to earnings today.
    Jan 25 09:36 AM | Likes Like |Link to Comment
  • How Apple Stock Should Be Valued: P/FCF [View article]
    Comment from Andy Zaky (accidentally removed from thread):

    mrtaxx, Thanks for the list. Its comprehensive and very useful. The thing that's really interesting about these price targets is that the four analysts who know the least about Apple are the ones who have price targets under $200.00. That Bernstein research analyst is obviously an joke. Whatever happened to the Apple is not going to sell 10 million iPhones nonsense? Remember that debate he started in January? Where is he now? How can anyone listen to him after that? Bank of America has always been somewhat bearish on Apple with limited coverage. I think Scott Craig used to cover Apple at BofA but now some other analyst is over there (not sure).

    Morgan Keegan analyst Travis McCourt doesn't know what he's doing. He may have a price target above $200, but I give him absolutely no credibility. He simply doesn't understand Apple's business. Go back and read some of his stuff in Appleinsider and you'll see why. Morgan Stanley's Katie Huberty is the worst technology analyst on Wall Street. Worse than Toni from Bernstein. Her estimates for fiscal Q2 missed by almost a cool billion. She was a huge basher during January-February disaster. For Q2, she made the worst call in revenue, iPods, iPhones, and Mac sales on Wall Street. Basically she made the worst call on anything important. She estimated that Apple would only sell 8.5 million iPods and 1 million iPhones in Q2! Apple reported 10.5 million iPods and 1.7 million iPhones. She also estimated that Apple would report only $6.634 billion in revenue. Apple reported $7.512 billion in revenue. I basically have her on ignore. She is analyst at one of the most reputable institutions and can't even calculate her run-rates.

    The easiest call one could make in Q2 was that Apple would sell between 1.65 and 1.8 million iPhones. Steve Jobs came out and said that Apple sold 300,000 in the first two weeks of the quarter! How she arrived at 1 million in Q2 is way beyond me. Its her job as an analyst to be able to make simple calculations. Obviously there's no oversight Morgan Stanley because if I were her boss, she would be fired immediately.

    Steve Biggs at obviously has no clue as to what he's talking about either. Any analyst who focuses on Apple's P/E as its primary valuation metric simply doesn't know what he or she is doing. By the way, I was in no way trying to promote Steve Biggs in my article. I was using his flawed understanding of stock valuation as an example of the rampant stupidity going around on Wall Street. Thanks for the post.
    Aug 15 09:08 AM | Likes Like |Link to Comment
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