in fact rosenblatt seeing a drop in production overall for the new iphone 11. three analyst three different views, guy adami. >> yes, sir. >> i hate meng mentioning the rosenblatt call because they've been so wrong but i'll give them credit for sticking with it. they have a $150 price target on the stock. who is right. >> you know where the stock was this time last year. >> right here. >> half this. >> basically $150. >> a good call two years ago. >> well a year ago my point is it's not like it wasn't hasn't been here. the stock has effectively doubled in a year. i don't go the eli wahlic route i'm in the levankleef, in the middle he happened today a great job. >> you are saying don't put new money to work. don't do the vacuum thing. and i'm not pretending i've been a raging bull robert de niro in the stock. but what i've said for months, we have the $14.907 earning next year a 19 multiple. effectively a market multiple. do the math and get $280 a share. where did they close today $280 at these levels given this run it's about where it should be, breyen >> than

on the phone is bloomberg legal reporter joe rosenblatt. the state of california saying is exactly unconstitutional? uber andactually postmates has joined it a lawsuit to say that the california law is unconstitutional. very briefly, that law, signed by the governor in september, says that workers can really generally only be considered contractors if they are performing duties outside of the usual course of a company's business. it adopts a more straightforward test for which workers qualify employees, meaning they get overtime, health care, business expense reimbursements. these are all things that uber does not want to pay. economy all the gig companies don't want to pay that. they are claiming that the law is unconstitutional. i understand from a business perspective, but the legal argument, what exactly is the ground that stands on, especially when you consider that california and some of the courts in the u.s. have kind of said that they really are employees? this law goes: into effect tomorrow. if you thought california was maybe mor

rosenblatt says they are down 30% year-over-year. where are we in terms of iphone sales? will take you back to the beginning of last year when iphone sales came down very significantly. that was the reason for the very strong iphone x cycle in 2018. in 2018, the cycle hid the fact that my phone users are still around but the firsthand buyer is a population that is not growing much anymore. because iphones are getting more and more expensive, they are sticking to it longer and longer. that creates a very different level in 2018 and 2019 and towards the end of 2019. what we had is a fairly successful cycle. that is why you hear so much feedback from the market. on the one hand, they are very obvious indications that the iphone 11 was very well received. people loved it. at the same time, you still see in the market an element of weakness. the fact you had 117 million iphone x's sold in 2018 and 2019. and, that is a lot of funds. people who have them in hand are kind of relaxed with the idea of sticking with them a little bit longer than the past. taylor: gene, do you agree

notes hi, josh >> so there aren't many analysts covering apple that rated a sell, but the team at rosenblatte team saying that iphone sales in china fell about 30% inform november year over year, citing their own channel checks there. on the other hand, a more upbeat note from the team at keown. they say apple remains one of their favorite ideas in part thanks to a new 5g iphone ant way and continued strength in wearables. yes, that's a risk, be that could be partially offset they argue by share gains in india. their price target goes to $325. guys, back to you. >> is apple just pricing it right, do you think, mike? >> yes, it's pricing it right if it wants to create a little bit of a perceived and actual shortage also preserving plenty of profit for itself so i think you can probably spin that either way. whether they got caught a little bit short or not what's interesting, the stock itself, look how ridiculously orderly that increase in the stock has been since august. it's basically like people want to own stocks and apple's our favorite flavor of stock that's really the way it's traded i

they upped their target on advanced micro, rosenblatt, 65 from 52. we see this almost every day.pple get as higher price target. they are chasing winners or sifting through the ash. >> to be fair, the fundamentals for companies like apple, amd are very, very good. charles: the point they're evolving, right? you can almost argue you're chasing fundamentals with is okay, not the share price? >> that is okay. hearing from portfolio managers and strategists like us extrapolating forward what we just had and we had a fantastic year. people will start to extrapolate we'll have another fantastic year. it will follow earnings growth. right now the estimates are 8, 9, 10%. that is probably seeing targets right now. amd is a fabulous company. i don't know if can have a meteoric rise again. just because it's a winner doesn't mean you need to sell it. doesn't mean it is not a freight buy. charles: picking tops are bad. we regret almost anything we sold. i felt good taking profits but now i'm feeling a a little dumb. weed was easy stock. cannabis was legalized. everyone was buying them. they

in 2020 are michael packtor, managing director of the equity researches, and mark setovic with rosenblatt securities mike, i'll start with you. it's been a heck of a year for technology stocks, the f.a.a.n.g. names we focus so much on it most of them are among the largest market cap companies in the country, in the world. what do you think's going to happen next year >> i mean, for f.a.a.n.g., you know, facebook remains probably cheap and deservedly so. they're never going to escape regulatory scrutiny. amazon has been the promise of, you know, exploding earnings and they did it for a couple of years and they backed off and decided to go back into investment i actually think they turn it around next year and start delivering earnings. netflix, i'm hugely bearish on, and that's a huge theme next year competition for both subscribers and content, i think it's going to destroy them. and i think content more than subscribers. i think they'll continue to grow, but i think you're going to see, you know -- turn netflix on and nothing's going to be on. alphabet is kind of a mess they spend a lot