Apple PT Raised to $600.00 (AAPL)
Stock analysts at BMO Capital Markets hoisted their price target on shares of Apple (NASDAQ:AAPL) from $508.00 to $600.00 in a report issued on Tuesday, American Banking News.com reports. The firm currently has an “outperform” rating on the stock. BMO Capital Markets’ price objective points to a potential upside of 16.13% from the stock’s previous close.
The analysts wrote, “Apple delivered a very strong September Q and December Q guide, especially after normalizing the financial representation. We had projected December Q revenue to be around $54 billion (consensus of $55.7 billion) and Apple’s revenue guidance is in the $55-$58 billion range. Gross margins may be viewed as disappointing, but we doubt this will last. The accounting change for deferred revenue could have up to a 100 bp impact on gross margins on a q/q basis, as we describe herein.”
In other Apple news, SVP Jeffrey E. Williams sold 1,843 shares of the company’s stock in a transaction that occurred on Wednesday, October 16th. The shares were 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.
Shares of Apple (NASDAQ:AAPL) traded down 2.49% on Tuesday, hitting $516.678. 22,659,164 shares of the company’s stock traded hands. Apple has a 1-year low of $385.10 and a 1-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 $469.4 billion and a price-to-earnings ratio of 13.21.
Apple (NASDAQ:AAPL) last released its earnings data on Monday, October 28th. The company reported $8.26 earnings per share (EPS) for the quarter, beating the 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 $43.35 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Thursday, November 14th. Shareholders 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 2.36%.
A number of other firms have also recently commented on AAPL. Analysts at Lazard Capital Markets raised their price target on shares of Apple to $610.00 in a research note to investors on Tuesday. Separately, analysts at Susquehanna reiterated a “positive” rating on shares of Apple in a research note to investors on Tuesday. They now have a $625.00 price target on the stock. Finally, analysts at Robert W. Baird upgraded shares of Apple from a “neutral” rating to an “outperform” rating in a research note to investors on Tuesday. They now have a $620.00 price target on the stock, up previously from $525.00. Two equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, forty have issued a buy rating and two have issued a strong buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $576.61.
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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