Tags: Crudele | Apple | Watch | iPhone

NY Post's Crudele: 'Apple Watch Is a Stupid Idea'

By    |   Friday, 20 March 2015 08:40 AM

The technology world is abuzz over Apple's plans for the new Apple Watch, but New York Post columnist John Crudele doesn't see what all the fuss is about.
 
"I think the Apple Watch is a stupid idea," he writes. "Not only the Apple Watch but also anything that I'm supposed to put on my wrist that acts just like the very smart iPhone that I carry in the left pocket of my pants."
 
The technology cycle for personal computing devices is now at a point "where there will be nothing more than tiny, incremental advancements," Crudele says.
 
"And paying hundreds to thousands of dollars so that I won't have to reach into my pocket to check e-mails or know the weather or find out which telemarketer just called is silly."
 
The Apple Watch's price ranges from $349 for a basic model to $17,000 for one with an 18-karat gold case. Pre-orders for all models begins April 10.
 
Crudele stresses that he loves technology. But, "isn't it time Apple started spending some of its many billions in cash on something that will make mankind truly better, rather than invest gobs of money in a crazy time piece?"
 
Meanwhile, Deutsche Bank analyst Sherri Scribner thinks the Apple Watch will be big, but not big enough.
 
The watch's sales might total $26 billion a year by 2018, she writes in a commentary obtained by MarketWatch.
 
But that doesn't make her bullish on the company's stock. Scribner has a hold rating, and her target price of $110. The stock closed Thursday at $127.50.
 
The iPhone accounted for 69 percent of Apple's revenue in the latest quarter, meaning there are "limited catalysts" to push the stock price, Scribner argues.
 
So while she expects Apple to beat its competitors on smart watch sales this year, she doesn't see that doing much for the share price.
 
Scribner predicts that watch sales will at most make up 10 percent of total revenue and earnings per share by 2018. Apple's revenue totaled $200 billion in the latest 12-month period.
 
Most analysts are more bullish than Scribner, with an average price target is $137.27, according to FactSet.

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The technology world is abuzz over Apple's plans for the new Apple Watch, but New York Post columnist John Crudele doesn't see what all the fuss is about.
Crudele, Apple, Watch, iPhone
358
2015-40-20
Friday, 20 March 2015 08:40 AM
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