FORTUNE — On Sunday, Baird Equity’s William Power lowered his Apple (AAPL) price target for the second time in four days. That got me wondering how often he changes his mind about the company.
The answer, it turns out, is a lot: by my count, seven times in the past 12 months.
Starting at $500 last January, Power took his clients all the way to $750 a share in September — just before the stock began a four-month nosedive.
His current price target, following last week’s “hard reboot,” is $465 — $285 below the 12-month target he set in September and $35 below the target he set a year ago.
Power not the only analyst whose forward-looking price targets have become trailing indicators, but if there’s another Apple analyst with less courage of his convictions, I haven’t found him.
For the record, here are Power’s calls for the past year:
- Jan. 25 2012: Raises price target to $550 from $500 (+10%). “Record iPhone Sales Drive Q1 Blowout.”
- Feb. 15, 2012: Raises to $600 (+9%). “Dividend Coming?”
- March 19, 2012: Raises to $700 (+16.6%). “Raising Estimates on Strong iPad Demand”
- April 25, 2012: Raises to $740 (+5.7%). “What iPhone Concerns?”
- Sept. 13, 2012: Raises to $750 (+1.4%). “iPhone 5 Announced”
- Jan. 24, 2013: Lowers to $570 (-24%). Hard Reboot; Maintain Outperform Rating”
- Jan. 28, 2013: Lowers to $465 (-18.4%). “Say It Ain’t So; Downgrading to Neutral”
