Apple Receives “Positive” Rating from Raymond James (AAPL)
Apple (NASDAQ:AAPL)‘s stock had its “positive” rating reiterated by equities research analysts at Raymond James in a research note issued to investors on Wednesday, ARN reports.
The analysts wrote, “We maintain our Strong Buy rating on shares of AAPL based on our premise that the business has substantially more sustainability to it than investors appear to appreciate, and modestly more growth in the near term driven by new carriers, underappreciated promotional activity and the two-year anniversary of a strong iPhone 4S product cycle.”
Shares of Apple (NASDAQ:AAPL) remained flat at $480.93 during during mid-day trading trading on Wednesday. 5,068,907 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 $485.9 and its 200-day moving average is $449.4. The company has a market cap of $436.9 billion and a price-to-earnings ratio of 11.99. Apple also saw some unusual options trading activity on Monday. Traders purchased 190,389 call options on the company. This represents an increase of approximately 178% compared to the typical 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 (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 $39.32 EPS for the current fiscal year.
AAPL has been the subject of a number of other recent research reports. Analysts at Piper Jaffray Cos. reiterated an “overweight” rating on shares of Apple in a research note to investors on Wednesday. Separately, analysts at Susquehanna reiterated a “positive” rating on shares of Apple in a research note to investors on Wednesday. Finally, analysts at Barclays Capital reiterated an “overweight” rating on shares of Apple in a research note to investors on Tuesday. Two equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating, forty-two have assigned a buy rating and two have issued a strong buy rating to the stock. Apple presently has an average rating of “Buy” and a consensus target price of $554.23.
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.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.