Apple Upgraded to Buy by Jefferies Group (AAPL)
Apple (NASDAQ:AAPL) was upgraded by equities research analysts at Jefferies Group from a “hold” rating to a “buy” rating in a research note issued to investors on Monday, TheFlyOnTheWall.com reports. The firm currently has a $600.00 target price on the stock, up from their previous target price of $425.00. Jefferies Group’s price target indicates a potential upside of 24.22% from the company’s current price.
The analysts wrote, “We spent last week in Asia meeting with Apple’s suppliers who indicated a substantial shift in attitudes toward Apple. Despite still seeing risk to CQ4 and FY13 revs, we now believe better GMs will allow Apple to skate by until iPhone 6 launches with its 4.8″ screen. We est ~50% of smartphone shipments have >4″ screens and that iPhone 6 will catalyze a large upgrade cycle. The stock is attractive based on the attitude change, FY15 revs >+15%, and valuation.”
Shares of Apple (NASDAQ:AAPL) traded up 1.34% during mid-day trading on Monday, hitting $489.50. The stock had a trading volume of 2,389,189 shares. Apple has a one year low of $385.10 and a one year high of $652.79. The stock has a 50-day moving average of $486.4 and a 200-day moving average of $449.0. The company has a market cap of $444.7 billion and a P/E ratio of 12.04. Apple also was the target of some unusual options trading on Friday. Traders bought 222,696 call options on the company. This represents an increase of 235% compared to the typical volume of 66,383 call options.
Apple (NASDAQ:AAPL) last released its earnings data 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 prior year, the company posted $9.32 earnings per share. The company’s quarterly revenue was up .9% on a year-over-year basis. On average, analysts predict that Apple will post $39.33 earnings per share for the current fiscal year.
Other equities research analysts have also recently issued reports about the stock. 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. Separately, 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. Finally, analysts at Monness Crespi & Hardt raised their price target on shares of Apple from $520.00 to $550.00 in a research note to investors on Friday, September 27th. They now have a “buy” rating on the stock. Two analysts have rated the stock with a sell rating, fourteen have issued a hold rating, forty-one have assigned a buy rating and three have given a strong buy rating to the company’s stock. Apple currently has a consensus rating of “Buy” and a consensus price target of $558.84.
In other Apple news, SVP D Bruce Sewell unloaded 12,314 shares of Apple stock on the open market in a transaction dated Monday, September 23rd. The stock was sold at an average price of $489.17, for a total transaction of $6,023,639.38. Following the completion of the transaction, the senior vice president now directly owns 10 shares in the company, valued at approximately $4,892. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at 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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