Apple Rating Reiterated by Canaccord Genuity (AAPL)
Apple (NASDAQ:AAPL)‘s stock had its “buy” rating reiterated by stock analysts at Canaccord Genuity in a report issued on Tuesday, American Banking News.com reports. They currently have a $580.00 price target on the stock. Canaccord Genuity’s target price suggests a potential upside of 9.46% from the stock’s previous close.
The analysts wrote, “Apple reported strong September quarter results above its previous guidance range and both our and consensus estimates. Consistent with our expectations Q1/F2014 sales and gross margin should benefit from strong holiday sales and a favorable iPhone and iPad product mix, Apple issued strong December quarter guidance consistent with our above-consensus estimates after accounting for $900M in incremental deferred software revenue. For F2014/15, we believe a TD-LTE iPhone launch with the world’s largest carrier China Mobile could bolster March quarter sales and offset some of the post-Holiday seasonal trends in Western markets, and we believe Apple is well positioned to exceed forward consensus estimates despite our expectations for more aggressive iPhone 5c pricing to drive international volumes in C2014. We also believe the continued large share buyback program should contribute to a return to EPS growth in F2014/15. We reiterate our BUY rating and $580 price target.”
In other Apple news, SVP Jeffrey E. Williams sold 1,843 shares of the stock 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 transaction was disclosed in a legal filing with the SEC, which is available at this link.
A number of other firms have also recently commented on AAPL. Analysts at Stifel Nicolaus raised their price target on shares of Apple from $540.00 to $600.00 in a research note to investors on Tuesday. They now have a “buy” rating on the stock. Separately, 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. Finally, 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. Two analysts have rated the stock with a sell rating, thirteen have given a hold rating, forty have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $573.60.
Shares of Apple (NASDAQ:AAPL) traded down 1.11% on Tuesday, hitting $524.00. 13,413,182 shares of the company’s stock traded hands. Apple has a one year low of $385.10 and a one year high of $705.07. The stock has a 50-day moving average of $481.3 and a 200-day moving average of $444.. The company has a market cap of $476.1 billion and a P/E ratio of 13.21.
Apple (NASDAQ:AAPL) last issued its quarterly earnings data on Monday, October 28th. The company reported $8.26 EPS for the quarter, beating the Thomson Reuters 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 in the prior year, the company posted $8.67 earnings per share. The company’s quarterly revenue was up 4.2% on a year-over-year basis. Analysts expect that Apple will post $39.41 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Thursday, November 14th. Stockholders of record on Monday, November 11th will be given a dividend of $3.05 per share. This represents a $12.20 dividend on an annualized basis and a yield of 2.30%.
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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