Market reaction yesterday to the Apple announcements was decidedly negative, as in my opinion it should have been. So this morning the “analysts” got to work, I presume because the big houses have stock to unload.
No fewer than 16 analysts polled by FactSet raised their price targets on Apple AAPL, -0.04% Wednesday, with most maintaining bullish buy or overweight ratings.
Cantor Fitzgerald analyst Brian White called it the “most memorable iPhone event” since the very first announcement of the iPhone in January 2007, and said the unveiling of the new Apple Watch was “magical.”
And they got AAPL up to 101, +3% on the day. What a joke. Late stage mania, of course, but even so. Here was a product announcement that I thought was a huge disappointment. Nothing at all innovative, just improved speeds and feeds for the iPhone – 6th. generation, roll ’em one more time, followed by a watch that is expensive and late – and by the way offers nothing that the products already out there don’t. Where was Apple’s design culture? Oh, and Apple wants to replace the wallet. Please. Why not just walk around with a sign saying “hack me” on your back?
Arthur C. Clarke’s well-known quote says “any sufficiently advanced technology is indistinguishable from magic.” I suggest the converse is also true.