Apple PT Raised to $550.00 at Monness Crespi & Hardt (AAPL)
Equities researchers at Monness Crespi & Hardt increased their price objective on shares of Apple (NASDAQ:AAPL) from $520.00 to $550.00 in a research report issued on Friday, Analyst Ratings Network.com reports. The firm currently has a “buy” rating on the stock. Monness Crespi & Hardt’s price target points to a potential upside of 13.12% from the company’s current price.
The analysts wrote, “We view the 9 mln first weekend sales of the new iPhones positively on an absolute basis (compared to 7 mln iPhone 5 on an apples-to-apples basis including China), particularly as the iPhone 5S sold out, countering bearish concerns on high-end smartphone demand. As such, we are increasing our iPhone estimates for 4QFY13. Additionally, we view concerns on channel fill with the iPhone 5C are overblown and overall gross margin was guided higher. Apple highlighted that ‘many orders’ were placed online signaling solid shipments over the next few weeks that were not recognized in the 9 mln number. We got our hands on a new iPhone 5S and after about a week of testing, we view the new iOS 7 software and features including the 64-bit processor, Touch ID fingerprint scanner, upgraded front and back cameras (with improved photo software), and the M7 motion co-processor as compelling upgrades to drive sales further.”
Apple (NASDAQ:AAPL) traded down 0.63% during mid-day trading on Friday, hitting $483.165. The stock had a trading volume of 1,432,169 shares. Apple has a 52 week low of $385.10 and a 52 week high of $681.11. The stock has a 50-day moving average of $485.4 and a 200-day moving average of $447.. The company has a market cap of $439.0 billion and a P/E ratio of 12.12. Apple also was the target of some unusual options trading on Tuesday. Traders purchased 208,570 call options on the stock. This is an increase of 504% compared to the typical volume of 34,545 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 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 $39.35 EPS for the current fiscal year.
A number of other analysts have also recently weighed in on AAPL. Analysts at Canaccord Genuity raised their price target on shares of Apple (NASDAQ:AAPL) from $550.00 to $560.00 in a research note to investors on Tuesday. They now have a “buy” rating on the stock. Separately, analysts at Barclays Capital raised their price target on shares of Apple (NASDAQ:AAPL) from $525.00 to $540.00 in a research note to investors on Tuesday. They now have an “overweight” rating on the stock. Finally, analysts at Goldman Sachs Group Inc. raised their price target on shares of Apple (NASDAQ:AAPL) from $530.00 to $560.00 in a research note to investors on Tuesday. They now have a “buy” rating on the stock. Two equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating, forty have given a buy rating and three have assigned a strong buy rating to the company’s stock. Apple has a consensus rating of “Buy” and a consensus price target of $551.76.
In other Apple news, SVP D Bruce Sewell sold 12,314 shares of the stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $489.17, for a total transaction of $6,023,639.38. Following the completion of the sale, the senior vice president now directly owns 10 shares of the company’s stock, valued at approximately $4,892. The transaction was disclosed in a legal filing 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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