Apple’s “Positive” Rating Reaffirmed at Wells Fargo & Co. (AAPL)
Apple (NASDAQ:AAPL)‘s stock had its “positive” rating reaffirmed by research analysts at Wells Fargo & Co. in a report released on Tuesday, Analyst Ratings Network.com reports.
The analysts wrote, “We expect easier year over year compares, potential positive supply chain data into the next product cycle, and improving gross margin likelihood to help reaccelerate earnings and see the company as well-positioned to continue to take value share in its core smartphone, tablet, and PC markets.”
Apple (NASDAQ:AAPL) traded down 1.11% on Tuesday, hitting $482.34. The stock had a trading volume of 7,015,821 shares. Apple has a 1-year low of $385.10 and a 1-year 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 $438.2 billion and a price-to-earnings ratio of 12.16. Apple also was the recipient of unusually large options trading on Monday. Stock investors bought 190,389 call options on the stock. This is an increase of 178% compared to the typical volume of 68,450 call options.
Apple (NASDAQ:AAPL) last posted its quarterly 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 $39.33 EPS for the current fiscal year.
AAPL has been the subject of a number of other recent research reports. Analysts at Cowen and Company reiterated a “positive” rating on shares of Apple in a research note to investors on Monday. Separately, 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. Finally, 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. Two investment analysts have rated the stock with a sell rating, fourteen have given a hold rating, forty-one have issued a buy rating and three have given a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $558.45.
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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