Apple Stock Rating Reaffirmed by ISI Group (AAPL)
Apple (NASDAQ:AAPL)‘s stock had its “strong-buy” rating reiterated by stock analysts at ISI Group in a report issued on Wednesday, StockRatingsNetwork reports. They currently have a $600.00 price objective on the stock. ISI Group’s target price points to a potential upside of 21.30% from the company’s current price.
The analysts wrote, “We attended AAPL’s highly anticipated introduction of the low-cost iPhone (formally dubbed the iPhone 5C as expected) and the iPhone 5 refresh (aptly named the iPhone 5S). The new iPhone 5C sports many solid features (e.g., 4.0″ Retina screen, polycarbonate seamless shell which comes in 5 colors, 16GB/$99 ASP and 32GB/$199 with 2-year contract, etc.) while the iPhone 5S adds 64-bit SoC called A7, new motion co-processor chip called M7, improved camera system, new fingerprint scanning security called Touch ID, etc. Importantly, the iPhone 5C marks the company’s first foray into the ‘mass market’ segment of the smartphone industry and has the potential to return AAPL to y/y EPS growth (as early as the Dec-13 qtr, in our view).”
A number of other firms have also recently commented on AAPL. Analysts at Telsey Advisory Group raised their price target on shares of Apple (NASDAQ:AAPL) from $540.00 to $600.00 in a research note to investors on Wednesday. They now have a “not rated” rating on the stock. Separately, analysts at Lazard Capital Markets set a $570.00 price target on shares of Apple (NASDAQ:AAPL) in a research note to investors on Wednesday. Finally, analysts at Goldman Sachs Group Inc. reiterated a “buy” rating on shares of Apple (NASDAQ:AAPL) in a research note to investors on Wednesday. They now have a $530.00 price target on the stock.
Two research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, forty have issued a buy rating and three have given a strong buy rating to the company’s stock. Apple currently has a consensus rating of “Buy” and a consensus price target of $552.68.
Apple (NASDAQ:AAPL) traded down 4.86% on Wednesday, hitting $470.61. 12,986,386 shares of the company’s stock traded hands. Apple has a one year low of $385.10 and a one year high of $705.07. The stock’s 50-day moving average is $478.3 and its 200-day moving average is $443.9. The company has a market cap of $427.5 billion and a price-to-earnings ratio of 12.33. Apple also was the recipient of some unusual options trading activity on Monday. Investors purchased 163,410 call options on the company. This is an increase of approximately 345% compared to the average daily volume of 36,746 call options.
Apple (NASDAQ:AAPL) last posted its quarterly earnings results on Tuesday, July 23rd. The company reported $7.47 EPS for the quarter, beating the Thomson Reuters 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 in the prior year, the company posted $9.32 earnings per share. The company’s quarterly revenue was up .9% on a year-over-year basis. Analysts expect that Apple will post $39.08 EPS for the current fiscal year.
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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