What made this Apple bull run different?

From Toni Sacconaghi’s 12-Month Apple Rating History as of 10/21/2018:

My take:  For most of the past three years, Sanford C. Bernstein’s Apple price target has stayed ahead of the stock price. On Monday, however, with Apple trading above $220, Bernstein’s veteran Apple analyst reiterated his $200 price target.

What was it about the latest $20 price rise that made Toni Sacconaghi—and, presumably, Bernstein’s clients—miss it?

Sacconaghi is only one of a dozen Apple analysts who’ve been underwater through much of the latest bull run. I single him out because he’s a hardworking guy who does serious research and asks smart questions during earnings calls. What am I missing? What does he see that the market doesn’t?

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