Berenberg Bank analyst Adnaan Ahmad has been dismissed after three years of predicting doom for Apple, reports FORTUNE.
Three years ago he set a split-adjusted price target of $60 a share and five months later flipped the stock’s rating from “buy” to “sell,” the article notes. This spring, with the iPhone 6 selling like hotcakes and the stock trading above $124, Ahmad raised his target (to $85) but not his rating. “We sense that the company is over-earning, over-loved and, in our view, the stock should be ‘over-and-out’ soon,” he wrote to clients.
Berenberg Bank didn't issue a statement about the dismissal. However, Ahmad notified some folks that he was no longer with the bank.