Apple Rating Reiterated by Barclays Capital (AAPL)
Apple (NASDAQ:AAPL)‘s stock had its “overweight” rating reaffirmed by stock analysts at Barclays Capital in a report issued on Tuesday, AmericanBankingNews.com reports.
The analysts wrote, “We believe one of Apple’s big issues right now is that it is considered a ‘one-product’ story again. iPads and Macs seem to be almost forgotten at this point as estimates seem to favour the downside. While iPhone has a bigger TAM and this shift is good for margins, we believe that Apple clearly needs more than just one growing product to warrant a higher multiple. We think the real next product may be right under our nose in the iPad – but not in its current form. The iPad already was a transformational ‘second product’ from 2010 through 2012 – and could be again in our view – but the product must change given new competition.”
Several other analysts have also recently commented on the stock. Analysts at Wells Fargo & Co. reiterated a “positive” rating on shares of Apple in a research note to investors on Tuesday. Separately, analysts at Cowen and Company reiterated a “positive” rating on shares of Apple in a research note to investors on Monday. Finally, 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. Two analysts have rated the stock with a sell rating, fourteen have issued a hold rating, forty-one have given a buy rating and three have assigned a strong buy rating to the company’s stock. Apple currently has an average rating of “Buy” and an average target price of $558.90.
Apple (NASDAQ:AAPL) traded down 1.23% on Tuesday, hitting $481.73. The stock had a trading volume of 7,856,202 shares. Apple has a 52-week low of $385.10 and a 52-week high of $652.79. The stock has a 50-day moving average of $486.0 and a 200-day moving average of $449.. The company has a market cap of $437.7 billion and a price-to-earnings ratio of 12.16. Apple also was the recipient of some unusual options trading on Monday. Investors acquired 190,389 call options on the stock. This represents an increase of 178% compared to the average volume of 68,450 call options.
Apple (NASDAQ:AAPL) last issued its quarterly earnings data 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. On average, analysts predict that Apple will post $39.33 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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