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    Adnaan Ahmad, an analyst known for making several bleak forecasts for Apple stock including a recent price target well below $100, was recently let go by the Berenberg Bank. According to a personal memo about the departure that was obtained by Fortune, Ahmad acknowledged that his views have been “controversial in the global tech space” and that he has taken “a fair amount of abuse” for them. The exact reasons for the termination haven’t been made public. Neither Ahmad nor a fellow analyst fired from Berenberg, Daud Khan, has another employer lined up.

    It should be noted that with Berenberg, Ahmad’s estimates for Apple were often so conservative as to be below every other major analyst. In February for example, Ahmad suggested that Apple’s share price was set to plummet over 50% to $60, even as other bearish analysts kept targets well over $100. As of right now, Apple shares are currently trading at roughly $107. His biggest argument for his targeted price was that the company was too dependent on the iPhone for its profits and set to take a hit from a combination of slowed replacement cycles and limits on high-end smartphone marketshare.

    In his previous Apple stock forecast, Ahmad raised his target to $85 but claimed that the company was “over-earning” and “over-loved” suggesting that the stock would soon be “over-and-out.” Clearly, his forecast seemed to be incorrect and Ahmad seems to be paying the price for his consistently underwhelming predictions.

    Source: Fortune

    Twitter: @AkshayMasand
    2015-12-31 09:10 AM
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