“I think we’re very close to the floor,” Bernstein’s Toni Sacconaghi told CNBC Friday, while Apple’s share price was still sinking.
“Historically, we’ve seen the stock trough at about 10 times earnings, and so that would point to the high 90s as a floor. I would add that that happened when margins were falling. That’s not the case now. Gross margins are stable to slightly up.”
Sacconaghi added that if iPhone unit sales—the company’s main driver—fall next year, it’s going to be “difficult for the stock to work.”
However he—like the rest of the sell-side analysts Fortune surveyed—is sticking for now with his price target ($142). But if the stock keeps falling next week, don’t be surprised to see those targets revised downward.
Below: Our current list of Apple price targets—as fresh and up-to-date as we can get it—from a high of $195 to a low of $85. Corrections appreciated.