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Fifty-six analysts around the world cover Apple (AAPL-Q), but only one of them has a 'sell' rating on the stock. Edward Zabitsky, Principal and CEO at ACI Research, tells BNN his macro-outlook for the technology sector led to his bearish call on one of the most dominant technology companies in the world.
"It's not just Apple, it's the whole handset sector that has trouble and Apple is the king of the sector," he says. "The biggest problem is commoditization…what you have in your pocket is a small computer and it's not normal for computers to have 60 percent gross margins -- or even 50 percent."
Zabitsky says that while his $260 price target for the company is bearish, he's not calling the end of Apple.
"This is not a death of Apple call…but the point is that you can't make 60 percent margins in an open ecosystem," he says. "Watch what happened to the computer makers as things opened up, the server vendors, their gross margins went down and the PC vendors, their gross margins went down. You're seeing the same thing [in the handset sector]."