Berenberg fires analyst infamous for doom-and-gloom Apple forecastsBerenberg Bank on Monday let go of Adnaan Ahmad, an analyst known for making some of the bleakest forecasts for Apple stock, with a price target well below $100.
Ahmad acknowledged that his views have been "controversial in the global tech space," and that he has taken "a fair amount of abuse" for them, according to a personal memo about the departure, obtained by Fortune.
The exact reasons for the termination haven't been made public. Neither Ahmad nor a fellow analyst fired from Berenberg, Daud Khan, have another employer immediately lined up.
With Berenberg, Ahmad's estimates for Apple were often so conservative as to be below every other major analyst. In February, for instance, he suggested that Apple's share price was set to plummet over 50 percent to $60, even as other bearish analysts kept targets over $100. Apple shares are currently trading at about $107.
The argument was that the company was too dependent on the iPhone for its profits, and poised to take a hit from a combination of slowed replacement cycles and limits on high-end smartphone marketshare.
In his last Apple stock forecast, from March, Ahmad raised his target to $85, but claimed that the company was "over-earning" and "over-loved," and that its stock would soon be "over-and-out."