News of note from a note a guy wrote. I got to take a look Monday at a message to clients from Wedbush analyst Daniel Ives. Under the heading, “Taking a bite out of the Apple Bear thesis; seeing the forest through the trees,” Mr. Ives argues that while Apple may have been graceless in saying “no more unit sales,” he doubts they were reckless. Quoting his note:
For a company that carefully plans out images, locations, and themes for launch events a year in advance in excruciating detail this was not a last minute decision taken lightly by management and the Board and we believe this carefully timed move (while appearing flippant) was exactly the opposite and is another major step forward in getting the Street to value and look at Apple as a services driven company for the next decade+ built on the heels of its iconic iPhone product success.
He likes the growth of Apple’s Services business, he likes the gross margins for Apple’s Services business, and he’s still a big Apple fan. He’s way positive on Apple shares. His 12-month price target on them is $310.