Apple Stock Rating Reaffirmed by Wells Fargo & Co. (AAPL)
Apple (NASDAQ:AAPL)‘s stock had its “outperform” rating restated by stock analysts at Wells Fargo & Co. in a report issued on Tuesday, American Banking and Market News reports.
The analysts wrote, “In short, Apple delivered most of what we had hoped: 1) the new 5C should have better gross margins than the original 5 yet still have some of the commonalities to the 5S to provide economies of scale to improve gross margin; 2) further carrier launches at launch (including the addition of NTT DoCoMo); and 3) the introduction of fingerprint (device-side) authentication, which we feel may open up incremental markets for Apple. We believe initial carrier launches and commonalities should drive units and margin improvement.”
Other equities research analysts have also recently issued reports about the stock. Analysts at Sanford C. Bernstein reiterated an “outperform” rating on shares of Apple (NASDAQ:AAPL) in a research note to investors on Monday. Separately, analysts at Jefferies Group cut their price target on shares of Apple (NASDAQ:AAPL) to $425.00 in a research note to investors on Friday. Finally, analysts at Scotiabank reiterated a “sector perform” rating on shares of Apple (NASDAQ:AAPL) in a research note to investors on Thursday, September 12th.
Two analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, forty have assigned a buy rating and three have issued a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $542.55.
Shares of Apple (NASDAQ:AAPL) traded up 1.80% during mid-day trading on Tuesday, hitting $458.225. 9,618,048 shares of the company’s stock traded hands. Apple has a 52-week low of $385.10 and a 52-week high of $705.07. The stock has a 50-day moving average of $481.6 and a 200-day moving average of $444.5. The company has a market cap of $416.3 billion and a P/E ratio of 11.22. Apple also was the target of some unusual options trading on Monday. Traders bought 288,281 call options on the company. This represents an increase of 604% compared to the typical volume of 40,954 call options.
Apple (NASDAQ:AAPL) last announced its earnings results 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. Analysts expect that Apple will post $39.12 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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