February 17, 2012 by staff
Apple Stock, Apple shares may have closed at a record high on Valentine’s Day, but not everyone is head-over-heels in love with the company.
Following an 8-day run up that sent shares of Apple (AAPL, Fortune 500) to an all-time closing high of $509.46, shares have pulled back and are down more than 1% since Feb. 14.
Yes, the majority of Wall Street is bullish on the future of the iPhone and iPad maker’s stock, with a median price target of $592 — up almost 20% from its current price.
But at least one is betting against the company. Edward Zabitsky of ACI Research in Toronto has a “sell short” recommendation on Apple’s stock, targeting it at $270, down almost 50% from its current level.
The Apple bear argues that the strength of the iPhone can’t last forever. He thinks Google’s (GOOG, Fortune 500) Android 4.0, which debuted in November and is so far only available on the Samsung Galaxy Nexus, will become a formidable rival.
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