Since 2018, Goldman Sachs has become increasingly pessimistic about Apple.
Editor’s note: This article is from WeChat public account Zinc scale “(ID: znkedu) , author: Chen Deng new.
Since 1.2018, Goldman Sachs has become increasingly pessimistic about Apple. 2. Former Goldman Sachs CEO Lloyd Blankkart has publicly stated:
”
Goldman Sachs is doing the work of God.
.
Goldman, born in 1869 and with a history of 150 years, is known as “the lighthouse of Wall Street” and has a significant influence in the capital market.
There is a joke in the room:
Goldman Sachs sneezed and the capital market would catch a cold.
September 13, the exchange between Goldman Sachs and Apple has caused a lot of storms in the capital market. For this reason, Apple’s market value has evaporated by about 138.437 billion yuan.
After the release of iPhone 11, Apple’s share price once broke through the trillion dollar mark, but Goldman Sachs issued a bearish report that Apple’s offer of Apple TV+ free trial will affect future profit growth, so it will target Apple’s next 12 months. The price was lowered from $187 to $165 and given a “neutral” rating on Apple stock.
Apple immediately declared:
“We don’t think the launch of Apple TV+, including the accounting of this service, will have a material impact on our finances.
“The two sides point to the awns, and the views are separated from each other.
The Goldman Sachs 2019 financial report shows that net operating income for the second quarter was $9.46 billion, and the market is expected to be $8.897 billion;
Net profit was $2,198 million and market expectations were $1.913 billion.
The performance of Goldman Sachs exceeded expectations and earned a lot of money. This glory is backed by countless domestic and foreign investors.
Formerly blown hands, today’s hammers
The relationship between Goldman Sachs and Apple has a long history.
The wife of Apple founder Steve Jobs, a former Goldman Sachs fixed-income analyst, has narrowed the relationship between the two companies.
The wife of Steve Jobs
In 2009, Apple hired people from Goldman Sachs to form a mergers and acquisitions team. In 2013, the first time in 17 years, the company issued $17 billion in bonds. Goldman Sachs is one of the lead underwriters.
Goldman Sachs also voted for Apple,
Yimeizhi
Endless.
For example, a 2015 Goldman Sachs research report that included Apple in the “Strong Buy” list:
“With 500 million loyal iPhone users, Apple has a huge opportunity to profit for many years, a service system based on the Apple ecosystem.
In the midst of Apple’s mid-day stage, the report of Apple’s research has been overwhelmed by the fact that Goldman Sachs is not out of the box, but Apple’s transformation from “hard to soft” to “stable innovation” has become a pioneer in the face of decline. .
especially
2018
Since the beginning of the year, Goldman Sachs has become increasingly pessimistic about Apple.
first question:
“Apple faces a key strategic decision.
Should the iPhone be introduced to the low-end market to increase sales?
Still at the expense of sales, continue to stay in the high-end market?
“After the comparison:
“At that time, Nokia has relied on users in the saturated market to upgrade their own devices, and this will only make it waiting for the upgrade to take longer and longer. Apple seems to be taking such a long road.
Goldman Sachs lowered Apple’s future target price from $240 to $165, while Apple’s current share price is $218.75, which means Goldman Sachs believes that Apple’s share price will fall by 24.57% in the future.
Why does the capital market pay so much attention to Goldman Sachs?
One is that the company has developed for 150 years
After many financial crisis baptisms, it has become a long-term tree in the capital market, accumulating a high prestige and industry status.
The second is that the background is deep,
Well-known financial person
Lang Xianping
I have described Goldman Sachs as such:
“AIG (American International Group) replaced the top
Goldman
People,
Merrill
The head of the company was replaced by a Goldman Sachs, the power was reorganized, and then there was also the American Bank, and it was replaced by Goldman Sachs.
Securities Regulatory Commission
The second-in-command is also replaced by Goldman Sachs, and the stock exchange is also replaced by Goldman Sachs.
Futures exchange
Also replaced by Goldman Sachs, and even the two finance ministers are Goldman Sachs.
Three is important in the field of technology
Invested in a large number of technology unicorn companies such as Uber, Dropbox, and Alibaba. The former CEO of Goldman Sachs, Lloyd Blankfein, proudly announced:
“We are a technology company.
“
However, the relationship between the two parties has not completely broken down.
Apple is the payment tool Apple Pay’s partner is Goldman Sachs, Goldman Sachs CEO David Solomon said:
“Apple Card has completely changed the credit card experience. This collaboration is also an important step for Goldman Sachs on the road to consumer products, helping us achieve our vision of creating a digital platform.
Goldman Sachs CEO David Solomon
An anonymous person in the financial industry told reporters:
“Personal consumer finance business is the shortcoming of Goldman Sachs, and Apple still chooses Goldman Sachs not to rule out the factors that make up the relationship between the two.
Market research firm Moffett Nathanson believes that Apple’s cooperation with Goldman Sachs “makes this card a greater risk to Apple” because it is “the first time Goldman Sachs has entered the consumer credit card space.”
Important promoters of China stocks
The former CEO of Goldman Sachs Lloyd Blankkart has publicly stated:
”
Goldman Sachs is doing the work of God.
.
It must be said that Goldman Sachs is an important promoter of the IPOs in China and Hong Kong, and accelerates the listing process of the IPO.
Star companies that raised $1 billion and above in 2018, including iQiyi, China Tower, Xiaomi, Meituan Review, Fighting, Weilai, Haidilao, Tencent Music, etc. Goldman Sachs is pushing hard.
Despite the merits of the IPO of the IPO, it is impossible to cover up some of the embarrassment of Goldman Sachs. The reporter found that Goldman Sachs was repeatedly prosecuted by the US Department of Justice.
The highest penalty was $5 billion. Goldman Sachs admitted that it had misled investors to buy high-risk home mortgages before the 2008 financial crisis, causing countless investors to lose money.
The more sensational lawsuit recently was the 2018 Malaysian sovereign wealth fund “One Horse Development Company” scandal.
Goldman Sachs helped the fund issue bonds to raise $6.5 billion, and Goldman Sachs earnedAbout $600 million, but the amount raised was $2.7 billion, and there were false, misleading statements and major omissions in the documents issued.
The Malaysian Prime Minister publicly stated:
“Goldman Sachs’ deceives Malaysia.
In addition, in the field of science and technology, Goldman Sachs is believed to have misled investors because of the lack of bearishness in the capital market turmoil.
For example, in the middle of 2017, Goldman Sachs released a research report on bearish FAAMG, which led to a sharp fall in US technology stocks on June 9.
FAAMG is a new concept for Goldman Sachs, representing the acronyms for Facebook, Apple, Amazon, Microsoft, and Google.
“FAAMG has increased its market value by $600 billion this year, which is equivalent to a Hong Kong (stock market value). Compare the ‘Internet bubble’ era in 2000.” Goldman Sachs believes that the stock prices of the five companies will be in the next three months. “We believe that the lower the volatility, the more likely people are to underestimate the potential risks of these companies’ businesses, including cyclical risks and potential regulatory changes. It is worth worrying that if major events lead to increased volatility, there may be a sell-off. , aggravating downside risks.”
In fact, in the second half of 2017, the stock prices of these five companies have not fallen, but they have risen a lot. Take Facebook as an example, from the lowest point of 147.80 dollars in July to the highest point of 195.32 dollars at the end of the year.
And for Tesla, Goldman Sachs has long held a negative view, which has repeatedly caused Tesla’s share price to plummet, and in June 2019, the Tesla target price was lowered from $200 to $158. Sla’s share price is $245.20.
In this regard, Tesla CEO Musk has ridiculed Goldman Sachs internally:
“They will suddenly wake up.
“
Tesla CEO Musk
Flip your hand for the cloud
In the domestic capital market, Goldman Sachs has a poor reputation.
On December 27, 2018, the online news broke that the joint petrochemical executives “had been fooled by Goldman Sachs, and Goldman Sachs had been bullish on oil prices all the time.”
Leading to a huge loss of futures trading in the company.
After its parent company Sinopec issued an announcementIt is said that United Petrochemical’s misjudgment of the international oil price trend resulted in an annual loss of approximately RMB 4.65 billion.
This scene is similar to China Aviation Oil 15 years ago.
In that year, Goldman Sachs suggested that CAO should short the price of crude oil, while doing more crude oil prices on the back, becoming the second largest rival of CAO – China Aviation Oil earned money, then Goldman Sachs lost, and vice versa.
Chen Jiulin, then CEO of CAO, recalled that when the book had a large loss, it demanded that the position be immediately closed, but Goldman Sachs twice It is recommended to stick to the loss and expand the company to delay the company:
“China Aviation Oil has brought Goldman Sachs to court.
But after I was in prison, the lawsuit was gone.
According to public information, companies such as Air China, China Southern Airlines, China Eastern Airlines, and China COSCO have suffered large losses in overseas futures trading, and there are Goldman Sachs behind them.
In addition, Goldman Sachs also dug pits for the A-share capital market.
The most unforgettable scene is that on November 12, 2010, Goldman Sachs recommended overseas customers to sell Chinese stocks, and released a strategic report to the domestic media on the prospects of investment in China’s stock market. This two-faced approach is considered to be The Shanghai Composite Index plunged 5.16%.
GEM plunged 4.46%
One of the important factors.
A-share’s famous “11.12” plummeted
Mei Xinyu, an associate researcher at the Research Institute of the Ministry of Commerce, publicly stated:
“Goldman’s strong voice has formed a ‘herd effect’ on market participants, and its report is enough to allow other market participants to blindly follow and amplify their influence.
The game between Goldman Sachs and Apple will continue. In the future, Goldman Sachs will be hit, or Apple will fail to transform into a second Nokia. Let us wait and see.