Apple Rating Reiterated by Nomura (AAPL)
Apple (NASDAQ:AAPL)‘s stock had its “neutral” rating restated by equities researchers at Nomura in a research report issued on Wednesday, American Banking News reports. They currently have a $513.00 target price on the stock, up from their previous target price of $480.00. Nomura’s target price points to a potential downside of 2.28% from the company’s current price.
The analysts wrote, “Apple announced a new 9.7″ iPad, as expected, and a new iPad mini with Retina screen (a positive, as screen availability was uncertain). Despite this, we have cut iPad estimates to reflect slight delays between announcement and launch; possible component shortages for iPad mini Retina screens; disappointingly high price points; and a lack of additional functionality to tempt users into abandoning laptops in favor of iPads. Initial reports suggest that the 5s is outselling the 5c by a factor of 2 or 3, in contrast with the 50:50 mix that initial manufacturing orders implied. We have thus increased our 5s estimates in Apple’s fiscal Q1, boosting units, ASPs, and gross margins. If we factor in the announced share buyback and use a large-cap tech average P/E multiple of 11.6x 2014E EPS, we derive fair value of $513. We believe that high price points will eventually suffocate growth in developed markets and threaten Apple’s relevance in emerging markets.”
Several other analysts have also recently commented on the stock. Analysts at Societe Generale upgraded shares of Apple from a “hold” rating to a “buy” rating in a research note to investors on Monday. They now have a $575.00 price target on the stock, up previously from $500.00. Separately, analysts at Wells Fargo & Co. reiterated an “outperform” rating on shares of Apple in a research note to investors on Thursday, October 17th. Finally, analysts at RBC Capital reiterated an “outperform” rating on shares of Apple in a research note to investors on Wednesday, October 16th. They now have a $550.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, forty-three have given a buy rating and two have issued a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $559.82.
In other Apple news, SVP Jeffrey E. Williams unloaded 1,843 shares of Apple stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $501.09, for a total value of $923,508.87. The sale was disclosed in a filing with the SEC, which can be accessed through this link.
Apple (NASDAQ:AAPL) traded up 0.98% on Wednesday, hitting $524.96. The stock had a trading volume of 11,204,446 shares. Apple has a 52 week low of $385.10 and a 52 week high of $705.07. The stock’s 50-day moving average is $481.3 and its 200-day moving average is $444.. The company has a market cap of $476.9 billion and a P/E ratio of 12.96. Apple also saw unusually large options trading activity on Tuesday. Stock traders bought 409,202 call options on the company. This is an increase of 159% compared to the average daily volume of 158,209 call options.
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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