Apple Rating Lowered to Sell at ABG Sundal Collier (AAPL)
Apple (NASDAQ:AAPL) was downgraded by research analysts at ABG Sundal Collier from a “hold” rating to a “sell” rating in a report released on Tuesday, American Banking and Market News reports. They currently have a $400.00 target price on the stock. ABG Sundal Collier’s price objective would suggest a potential downside of 17.90% from the company’s current price.
The analysts wrote, “While Carl Icahn’s announcement of a ‘major’ investment may inspire hopes of an accelerating buyback programme, we surmise that an apparently increasingly active debate about the capital structure will be overshadowed by the imminent launch of the next batch of iPhones and iPads powered by an entirely new operating system. We anticipate a difficult transition, marred by customer confusion, quality deficiencies and component constraints with Android and WP rivals progressively closing the ‘brand image’ gap. In light of recent price appreciation, we downgrade to SELL (Hold) with an unchanged TP of USD 400, of which net cash makes up ~40%, corresponding to 11x our 2015e EPS.”
Other equities research analysts have also recently issued reports about the stock. Analysts at UBS AG raised their price target on shares of Apple (NASDAQ:AAPL) from $500.00 to $560.00 in a research note to investors on Wednesday, August 21st. They now have a “buy” rating on the stock. Separately, analysts at RBC Capital reiterated an “outperform” rating on shares of Apple (NASDAQ:AAPL) in a research note to investors on Thursday, August 15th. They now have a $525.00 price target on the stock. Finally, analysts at ISI Group reiterated a “strong-buy” rating on shares of Apple (NASDAQ:AAPL) in a research note to investors on Tuesday, August 13th.
Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating, forty-two have assigned a buy rating and three have assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $538.75.
Shares of Apple (NASDAQ:AAPL) opened at 487.216 on Tuesday. Apple has a 52-week low of $385.10 and a 52-week high of $705.07. The stock’s 50-day moving average is $466.5 and its 200-day moving average is $442.3. The company has a market cap of $442.6 billion and a price-to-earnings ratio of 12.15. Apple also was the target of some unusual options trading activity on Monday. Stock traders bought 165,573 call options on the stock. This is an increase of approximately 298% compared to the average daily volume of 41,629 call options.
Apple (NASDAQ:AAPL) last issued its quarterly earnings data on Tuesday, July 23rd. The company reported $7.47 earnings per share for the quarter, beating the analysts’ consensus estimate of $7.28 by $0.19. The company had revenue of $35.32 billion for the quarter, compared to the consensus estimate of $35.01 billion. During the same quarter last year, the company posted $9.32 earnings per share. Apple’s revenue was up .9% compared to the same quarter last year. On average, analysts predict that Apple will post $39.10 earnings per share for the current fiscal year.
In other Apple news, SVP Eduardo Cue sold 24,580 shares of the stock on the open market in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $504.18, for a total transaction of $12,392,744.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
Apple Inc (NASDAQ:AAPL) designs, manufactures and markets mobile communication and media devices, personal computers, and portable digital music players, and a variety of related software, services, peripherals, networking solutions, and third-party digital content and applications.
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