Analysts to Apple: Bend your knee to Wall Street
“The company needs to change strategically in a number of ways... including in looking after shareholders,'' Jeffrey said.
A higher dividend would appeal to value and income investors, and buybacks would reduce the number of shares outstanding, which in turn would get the company's earnings per share growing again.
White has been one of the biggest Apple cheerleaders on Wall Street. He drew attention in April for setting a $1,111 price target for Apple's stock when the shares were trading around $600.
White backed away from his old price target on Thursday. He said he still believes the company is worth that much, but he has realized he's too far in front of the pack. Investors aren't going to give the company the credit it deserves, in his opinion.
“It's tough for people to get their head around. I can't be a visionary forever,'' White said.
His new price target: $888. Eight is a lucky number in China, and three eights are extra lucky.
“Look, Apple needs a little luck here,'' White said.
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