Howard Lindzon crack-backed Gene Munster this week about the $1,000 price target on AAPL. So be it. But AAPL is going to 1,000 largely because of operating margins and continued year-over-year growth rate. It is also going lower in the near term. My Fibonacci level on this run (from 396 to 640) is 546. Maybe AAPL dips to 555 or 570 or 550. But it will bounce eventually.
Wasn't so long ago when AAPL was below 200, a few talking heads were barking about how cheap it was below 200 and buy, buy, buy! The majority said, at that time, that AAPL was fairly valued. I sold at 257. I should've been buying more. 400 wasn't even on my radar, let alone 500 and 600. Same thing with 800, 900 and 1,000.
There just isn't enough competition. The cool factor for Apple toys trumps recession. Even those who would stone Munster can see this.
source: ceoworld.biz
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