Bond guru predicts Apple’s stock price will fall to $425
A noted bond investor expects Apple stock to continue its downward slide for a while, saying that the company seems to have lost its ability to innovate.
Jeffrey Gundlach, the CEO and co-founder of investment firm Doubleline Capital, told CNBC today he expects Apple’s stock price, which has declined more than 20 percent since September 19, to slip to as slow as $425. Shares were off 3.38 percent today, falling $22.20 to close at $558.
Gundlach said he has been struck by the “obsession” with Apple’s stock. “It seems like every meeting I have, everyone owns it,” he said, adding that he…
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