Apple Given Neutral Rating at Nomura (AAPL)
Apple (NASDAQ:AAPL)‘s stock had its “neutral” rating reiterated by equities research analysts at Nomura in a research note issued to investors on Wednesday, StockRatingsNetwork reports. They currently have a $480.00 target price on the stock, up from their previous target price of $420.00. Nomura’s price objective points to a potential downside of 2.96% from the company’s current price.
The analysts wrote, “Apple retained its pricing structure with its new iPhone portfolio. In not chasing a new lower price point and through taking out some key component costs with the 5c, we believe that Apple has likely ensured stable gross margins in the next couple of quarters. The lowest iPhone price point remains at $450, meaning that Apple has not expanded its addressable market by targeting more price sensitive market segments. A deal with Docomo was confirmed and an announcement regarding China Mobile seems imminent, boosting near-term estimates. 2014 could yet turn out to be a great year for Apple, but there was nothing concrete to point to emerging from yesterday’s presentation. Until innovative new products are launched in 2014, we see limited upside in the share price.”
A number of other firms have also recently commented on AAPL. Analysts at Jefferies Group reiterated a “hold” rating on shares of Apple (NASDAQ:AAPL) in a research note to investors on Wednesday. They now have a $450.00 price target on the stock. Separately, 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. Finally, 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.
Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating, forty have given a buy rating and three have issued a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $551.88.
Apple (NASDAQ:AAPL) traded down 5.63% on Wednesday, hitting $466.788. The stock had a trading volume of 15,969,324 shares. Apple has a one year low of $385.10 and a one year high of $705.07. The stock has a 50-day moving average of $478.3 and a 200-day moving average of $443.9. The company has a market cap of $424.1 billion and a price-to-earnings ratio of 12.33. Apple also was the target of unusually large options trading activity on Monday. Traders acquired 163,410 call options on the company. This is an increase of 345% compared to the typical daily volume of 36,746 call options.
Apple (NASDAQ:AAPL) last released its earnings data on Tuesday, July 23rd. The company reported $7.47 earnings per share (EPS) for the quarter, beating the 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. On average, analysts predict that Apple will post $39.08 earnings per share 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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