Apple Rating Reiterated by Cowen and Company (AAPL)
Apple (NASDAQ:AAPL)‘s stock had its “positive” rating restated by equities researchers at Cowen and Company in a research report issued on Monday, Analyst Ratings Net reports.
The analysts wrote, “We believe Apple’s supply chain is seeing incremental positive revisions as iPhone demand (particularly 5S) remains elevated post product launch. We continue to believe street estimates are likely conservative as iPhone demand remains solid. Cowen estimates for iPhone are ~36MM in September Q and ~56MM in December Q and, based on our work in Asia, we feel good about these above-Street numbers. At the same time, we believe that Apple is likely seeing some ramp issues with new parts (camera module, fingerprint sensor) which will likely cause 5S supply to remain constrained potentially through year end. While FQ1:14 (Dec) should be a strong Q for both iPhone shipments and gross margin, we feel that initial indication points to a strong drawdown for the supply chain in the March Q and component shipments, at this stage, look to us to be down materially.”
Other equities research analysts have also recently issued reports about the stock. Analysts at Jefferies Group upgraded shares of Apple from a “hold” rating to a “buy” rating in a research note to investors on Monday. They now have a $600.00 price target on the stock, up previously from $425.00. Separately, analysts at BMO Capital Markets raised their price target on shares of Apple from $480.00 to $508.00 in a research note to investors on Friday. They now have an “outperform” rating on the stock. Finally, analysts at Global Equities Research raised their price target on shares of Apple to $725.00 in a research note to investors on Monday, September 30th. Two equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating, forty-one have issued a buy rating and three have given a strong buy rating to the company’s stock. Apple has a consensus rating of “Buy” and a consensus price target of $558.84.
Shares of Apple (NASDAQ:AAPL) traded up 1.77% during mid-day trading on Monday, hitting $491.595. 6,055,476 shares of the company’s stock traded hands. Apple has a 52 week low of $385.10 and a 52 week high of $652.79. The stock’s 50-day moving average is $486.4 and its 200-day moving average is $449.0. The company has a market cap of $446.6 billion and a price-to-earnings ratio of 12.04. Apple also saw unusually large options trading on Friday. Investors acquired 222,696 call options on the stock. This is an increase of approximately 235% compared to the average volume of 66,383 call options.
Apple (NASDAQ:AAPL) last announced its earnings results 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. Analysts expect that Apple will post $39.33 EPS for the current fiscal year.
In other Apple news, SVP D Bruce Sewell unloaded 12,314 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $489.17, for a total value of $6,023,639.38. Following the completion of the transaction, 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 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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