Oh, One More Thing…Goldman Sachs, You’re DEAD to Me
by John Paczkowski
Posted on December 15, 2008 at 3:44 PM PT
Apple may not have yet succumbed to the economic malaise that hangs heavy over consumer tech, but it will soon. According to Goldman Sachs, anyway. This morning Goldman Sachs analyst David Bailey downgraded Apple’s stock to neutral from a buy, claiming the company will suffer when consumers continue to rein in spending next year. “Although our checks in Asia for the December quarter were better for Apple than for the other PC and smartphone vendors, some nicks have started to emerge,” Bailey wrote. “Specifically, shipments of MacBooks, iPod nanos, and iPhone were all slightly lower than what was expected going into the quarter and Apple should face a tougher environment in the March and June quarters as consumer demand takes another leg down.”
A disheartening prediction. And to make matters worse, Bailey speculates that Apple (AAPL) won’t unveil any new product categories at MacWorld come January, and because of that won’t see the sort of near-term pop it typically experiences after the introduction of a compelling new product. Said Bailey, “[The] nearer-term outlook is less positive, as it now looks unlikely that Apple will launch a new product category at MacWorld in early January, taking away a potential catalyst for the shares and causing Apple to try to generate demand in a tough environment without the benefit of a new offering in the first part of 2009.”
Apple shares closed at $94.75, down 3.58 percent for the day on the news.
Comments
“as it now looks unlikely that Apple will launch a new product category at MacWorld in early January”
How can this analyst possibly know this? The answer is that he can’t. And you can’t challenge this notion yourself?
Apple has always been tight lipped about everything it does. Why should anyone believe these analysts when they make outrageous comments and they continually get it wrong. It’s nothing short of fraud IMO
Posted by kevin bailey at December 15th, 2008 at 5:10 pm