Apple PT Raised to $560.00 (AAPL)
Equities researchers at Monness Crespi & Hardt increased their target price on shares of Apple (NASDAQ:AAPL) from $550.00 to $560.00 in a research report issued on Tuesday, ARN reports. The firm currently has a “buy” rating on the stock. Monness Crespi & Hardt’s price target would indicate a potential upside of 5.69% from the company’s current price.
The analysts wrote, “Apple reported revenue above the high end of its $36-$37 bln guidance range ($37.5 bln vs. $36.8 bln consensus), and EPS of $8.26, above consensus of $7.92 and our $8.14 estimate. We are raising our Target Price from $550 to $560 based on 10x (unchanged) our revised FY14 NOPAT estimate of $42.23 (from $41.44) plus net cash of ~$143/sh, and only 8x EV/FCF. Apple’s shares are currently trading at 12.3x P/E FY14 and 9.0x on an ex-cash basis.”
A number of other analysts have also recently weighed in on AAPL. 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. Separately, analysts at Deutsche Bank reiterated a “buy” rating on shares of Apple in a research note to investors on Tuesday. They now have a $575.00 price target on the stock. Finally, analysts at Wells Fargo & Co. reiterated an “outperform” rating on shares of Apple in a research note to investors on Tuesday. They now have a $536.00 price target on the stock, down previously from $581.00. They noted that the move was a valuation call. 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 assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $573.44.
Apple (NASDAQ:AAPL) traded up 0.55% on Tuesday, hitting $532.81. The stock had a trading volume of 6,020,704 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 $484.1 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 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 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%.
In other Apple news, SVP Jeffrey E. Williams sold 1,843 shares of the stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $501.09, for a total transaction of $923,508.87. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.
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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