Still determined to be a bull on Apple (AAPL) ?
Marc Chaikin, CEO of Chaikin Analytics, revealed to Jim Cramer that his power gauge has turned bearish on Apple.
The two discussed the bearish outlook on the iPhone maker during their hour long webinar on Wednesday, Nov. 7.
“When Tim Cook said ‘we’re not gonna give out metrics anymore,’ a lot of analysts really shut down,” Chaikin told Cramer. “The analysts have turned bearish on Apple.”
“The metrics shouldn’t matter. But, what [analysts are] saying right now is that they do matter because they’re a feeder to the sales of apps, the sales of music and so forth,” continued Chaikin. “And so, I think you can buy Apple, but I don’t think that it’s the lay up that it once was.”
Katie Huberty, an analyst with Morgan Stanley, put out a bullish note on Apple Thursday, Nov. 8.
Cramer said that he admires Huberty’s confidence when it comes to Apple. She’s “really confident about the consumer stream, really confident that [Apple’s] just trying to position the company [to be] less hardware-oriented.”
After Apple reported its earnings, the stock tanked. The following day, it dipped beneath its $1 trillion market cap. Cramer has previously said that he likes Apple as a buy under $200.
Chaikin and Cramer dove into where Apple’s share price could go.
“[Carolyn Boroden’s] talking about a $240 price target,” said Cramer.
Chaikin responded, “If we’re going to rally into year end, I think Apple goes up and makes a new high at $230. I don’t know if it gets to [Boroden’s] target, but I respect her work.