Apple Given Hold Rating at Jefferies Group (AAPL)
Apple (NASDAQ:AAPL)‘s stock had its “hold” rating restated by analysts at Jefferies Group in a research report issued to clients and investors on Wednesday, AnalystRatings.Net reports. They currently have a $425.00 price target on the stock, down from their previous price target of $450.00. Jefferies Group’s target price indicates a potential downside of 8.58% from the stock’s previous close.
The analysts wrote, “The iPhone 5C’s $99 on-contract price is higher than expected and still leaves Apple with a product gap in the low-end. While the iPhone 5S fingerprint scanner provides some differentiation, we think its low yields could be a headwind to margins and initial unit volumes. We expect choppy trading for AAPL after the launch date.”
Shares of Apple (NASDAQ:AAPL) traded down 1.65% during mid-day trading on Wednesday, hitting $464.90. 10,671,649 shares of the company’s stock traded hands. Apple has a 1-year low of $385.10 and a 1-year high of $705.07. The stock has a 50-day moving average of $480.6 and a 200-day moving average of $444.3. The company has a market cap of $422.4 billion and a price-to-earnings ratio of 11.79. Apple also saw unusually large options trading on Tuesday. Stock investors acquired 431,254 call options on the stock. This represents an increase of 757% compared to the average daily volume of 50,299 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 previous year, the company posted $9.32 earnings per share. The company’s revenue for the quarter was up .9% on a year-over-year basis. Analysts expect that Apple will post $39.10 EPS for the current fiscal year.
Several other analysts have also recently commented on the stock. Analysts at Canaccord Genuity reiterated a “buy” rating on shares of Apple (NASDAQ:AAPL) in a research note to investors on Wednesday. They now have a $550.00 price target on the stock, up previously from $530.00. Separately, analysts at UBS AG downgraded shares of Apple (NASDAQ:AAPL) from a “buy” rating to a “neutral” rating in a research note to investors on Wednesday. They now have a $520.00 price target on the stock, down previously from $560.00. Finally, analysts at Oppenheimer raised their price target on shares of Apple (NASDAQ:AAPL) from $460.00 to $540.00 in a research note to investors on Wednesday. They now have an “outperform” rating on the stock.
Two research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, forty have assigned a buy rating and three have given a strong buy rating to the stock. Apple currently has an average rating of “Buy” and a consensus price target of $544.80.
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.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.