Apple Given New $600.00 Price Target at Stifel Nicolaus (AAPL)
Equities researchers at Stifel Nicolaus raised their price objective on shares of Apple (NASDAQ:AAPL) from $540.00 to $600.00 in a research report issued on Tuesday, American Banking News reports. The firm currently has a “buy” rating on the stock. Stifel Nicolaus’ price objective suggests a potential upside of 13.23% from the company’s current price.
The analysts wrote, “Apple is guiding F1Q14 at $55-$58B with a 36.5%-37.5% gross margin, ~$4.4-$4.5B opex, and a 26.25% tax rate. With a higher iPhone and iPad ship estimate and a slightly lower GM% assumption (note below def. revenue consideration), we now estimate F1Q14 at $57.0B/$13.92 (prior: $53.8B/$13.21). We adjust our F2014 and F2015 estimates from $174.8B/$40.94 and $186.3B/$47.82 to $180.27B/$42.54 and $188.57B/$48.42, respectively.”
Shares of Apple (NASDAQ:AAPL) traded up 0.35% on Tuesday, hitting $531.73. The stock had a trading volume of 5,964,333 shares. Apple has a one year low of $385.10 and a one year 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 $483.1 billion and a P/E ratio of 13.21.
Apple (NASDAQ:AAPL) last posted its quarterly earnings results on Monday, October 28th. The company reported $8.26 earnings per share for the quarter, beating the analysts’ consensus estimate of $7.86 by $0.40. The company had revenue of $37.50 billion for the quarter, compared to the consensus estimate of $36.84 billion. During the same quarter last year, the company posted $8.67 earnings per share. Apple’s revenue was up 4.2% compared to the same quarter last year. Analysts expect that Apple will post $39.41 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Thursday, November 14th. Stockholders of record on Monday, November 11th will be paid a dividend of $3.05 per share. This represents a $12.20 annualized dividend and a dividend yield of 2.30%.
In other Apple news, SVP Jeffrey E. Williams unloaded 1,843 shares of the stock on the open market in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $501.09, for a total transaction of $923,508.87. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
Other equities research analysts have also recently issued reports about the stock. Analysts at Oppenheimer raised their price target on shares of Apple from $540.00 to $610.00 in a research note to investors on Tuesday. They now have a “neutral” rating on the stock. Separately, analysts at Monness Crespi & Hardt raised their price target on shares of Apple from $550.00 to $560.00 in a research note to investors on Tuesday. They now have a “buy” rating on the stock. Finally, analysts at Cantor Fitzgerald reiterated a “buy” rating on shares of Apple in a research note to investors on Tuesday. They now have a $777.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating, forty have assigned a buy rating and two have assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $573.44.
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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