You know it is a depression when Apple (AAPL-NASDAQ) shareholders have been reduced to roadkill, but they are getting an early gift from Kaufman Bros analyst Shaw Wu:
Initiating Coverage. We are initiating coverage of Apple, Inc. with a BUY rating and 12-month price target of $120. Apple is a leading provider of PCs, digital media players and smart phones. We arrive at our price target by assuming a conservative 15x multiple on our calendar 2009 FCF estimate of $7.89.
Added this to our call data. I shall assume an 8% stop.
Dr. Declan Fallon, Senior Market Technician, Zignals.com the free stock alerts, market alerts, and stock charts website