Shaw Wu | ????
Shaw Wu, the perennial bullish Apple analyst has been let go from the Sterne Agee brokerage, according to the Wall Street Journal.
There’s no word why Wu went, at last check, according to Analyst Ratings Network, Wu had just lowered his target price for Apple to $610 from $630. Wu maintained a high target for Apple of $840 since October 2012. Here’s Wu’s Apple target price over the past 2 years.
Wu Apple Calls
Wu looked like a hero in October of 2011, he pissed on superman’s cape and issued a strong BUY rating and targeted $500 when Apple was only $400 (Call 1)! And damned if Apple didn’t take off, and blast through $500 and shot to $600, awesome Wu!
Wu was on feeling really good, so he decided to roll the dice and make another outrageous call, targeting Apple to skyrocket to $740 (Call 2). And what did Apple do? It plummeted to about $540, but recovered soon after, so there was still hope. And boy did it recover, climbing all the way to its all-time high of 705.
Soon after the all-time high, everyone was predicting Apple to the moon, Apple had slipped a bit, but that was to be expected, a little pullback before resuming its meteoric rise. Everyone was talking about Apple rising to $1000, and becoming the first Trillion dollar company. So, Wu jumped on the band wagon, though not quite as enthusiastically as others, and targeted Apple to reach $840 (Call 3). Unfortunately, Apple was already on the slippery slope and never recovered.
But Wu was a believer, even though Apple had already lost nearly a third of its value, he reiterated his $840 price target (call 4), but Apple continued to fall, and that apparently was the last straw for Sterne Agee, as they couldn’t take Wu’s starry outlook any more. At this point they decided to part ways, and perhaps gave Wu his notice and 2 months severance.
I wonder who the next lucky brokerage will be?
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