Sacconaghi finally capitulates on CNBC. "I was wrong" on Apple. Could go higher in 2020"
Toni Sacconaghi’s Apple mea culpa — full text“We have been neutral on Apple this year, and it’s been the wrong call. We missed it.”Transcribed from the full CNBC Pro version of Monday’s interview with Bernstein’s senior technology research analyst::Jon ForttYou say Apple, but you have been kind of behind on Apple for much if not all of the year. Right? Are you changing your tune on that stock in particular? Were you wrong? What were you wrong about? Or do you still think that it’s at the high end of the range it’s been trading and investors should be cautious about that too? Because you seem to be saying both things.SacconaghiYeah. No. Very fair point. So, look. Let me underscore. These are … we run quantitative screens… there are probably 25 names that fit these criteria and Apple happens to be one of them.We have been neutral on Apple this year and it’s been the wrong call. We missed it. I think anticipation for 5G plus continued success in Services have propelled that stock higher and my guess is that over the next six months the stock could continue to go higher based on those tenets and based on the fact that, again, from a quality perspective — which is something we think the market is seeking in a time of high market valuation and uncertainty — Apple has that in spades.But, to answer your question, we missed it this year.***My take: Kudos to Fortt for holding Sacconaghi’s feet to the fire. And to Sacconaghi for taking it like a man.https://www.ped30.com/2019/12/18/sacconaghi-apple-mea-culpa/...
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