zerohedge.com / by Tyler Durden on 02/26/2015 15:15
When it comes to the sellside putting up ludicrous upside price targets on any stock, and especially cult-favorite Apple, the media world is all smiles: after all, with AAPL once again the defining stock of the Nasdaq, and on many low volume days determining how the entire S&P trades, what can go wrong if everyone is invested in one company (and according to Goldman, most hedge funds already are). However, dare to suggest that the price of a company whose forward earnings multiple has more than doubled in the past two years, is massively overbought and prepare to suffer the full wrath of the Apple Borg collective, also known by the NSA as “zombies who are paying customers.”
Which is why few if any ever dare to go against the wisdom, or madness, of the crowd. After all, there is safety in numbers, and if one analyst is wrong (on Apple or anything else for that matter) they will all be wrong, so there will be no individual blame (one of the main reasons why nobody has gone to prison over the first Great Financial Crisis).
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