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Jefferies Analyst Cuts Apple

NEW YORK ( TheStreet) -- TheStreet's Debra Borchardt and Chris Ciaccia are discussing the recent disagreement among analysts regarding Apple's (AAPL - Get Report) stock price and ability to maintain strong sales numbers.

Peter Misek, an analyst at Jefferies, has again lowered his price target on Apple to $405, from $425 as the tech giant continues to drift lower. As recently as December of 2012, Misek had a $900 price target on the stock.

But this is familiar territory according to Ciaccia, where analysts have experienced extreme difficulty while trying to predict Apple's sales targets and earnings power in recent quarters.

While most have been jumping on the bearish bandwagon, Ciaccia argues that Apple is going to have a huge product refresh this September, with a new iPhone and possibly new iPad ahead of the holiday season.

"This is what makes a market," he said, regarding Misek's pessimistic iPhone sales estimates against BMO's positive estimates.

But when it comes down to it, it's up to the investors to do their own homework. They can't just follow analysts' judgments, even though they do a lot of work to get their estimates, Ciaccia said.

He concluded, "they can do their own channel checks, they can see what things are going on around them and ultimately take a look at the price action of the stock."

Bret Kenwell currently writes, blogs and also contributes to Rocco Pendola's Weekly Options Newsletter. Focuses on short- to intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.

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