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"Investors are worried about
and most importantly
," says BTIG's
, discussing concerns going into Apple's (
) FQ1 report today. Piecyk took a lot of heat for
to Neutral last April, but shares are down 20% since then. He thinks an "old-school" revenue beat is needed to calm investors, but with shares now below 8x FY13 EPS exc. cash and earnings expected to show the first Y/Y drop since '03, expectations have come down. Revenue is expected to grow 18% Y/Y to $54.7B.
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I have for the last couple of months been reading a continuous flow of articles and statements - all trying to justify why Apple is down by almost 30% since it peaked. One seem to be more clever than the other explaining by various methods, thinking and analysis why this dramatic drop is justified.
As a private investor and dedicated user of all Apple products I try to lean back and take a more pragmatic look at this. Here we have a company which is first class, making the very best products within its category, without discussion a company having a design and production philosophy influenced and educated deep down by its former CEO - Steve Jobs.
I am convinced that we would not have seen this decline had he been in his chair today. I do not think we would have seen all the articles about the company no longer being an evolution company. So the real question is - do we believe the company will continue having the same smart people as before - and can they continue creating great products without Steve. I think they can.
So I stay long in Apple - and I bet that we soon will start reading a bunch of articles now explaining to the same detail why Apple is undervalued and why it will continue to grow in value.
So good luck to all of you who have stopped reading all these articles and still believe the company is outstanding by any means.
Jan 23 12:02 PM
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