Apple’s “Market Perform” Rating Reaffirmed at Wells Fargo & Co. (AAPL)
Apple (NASDAQ:AAPL)‘s stock had its “market perform” rating reaffirmed by Wells Fargo & Co. in a research note issued on Wednesday, Analyst Ratings Net reports. They currently have a $581.00 price target on the stock. Wells Fargo & Co.’s target price would suggest a potential upside of 6.33% from the stock’s previous close.
The analysts wrote, “The deal may also help initial iPhone 6 units if China Mobile is included in the launch in September,” the report noted. “That said, the details of the agreement (pricing, margin, etc) are unknown and, thus, we believe gross margin bears watching. We maintain our view that FQ1 Street consensus of $14.03 is conservative and should rise to at least our $14.49 estimate (note every 1MM units results in roughly $0.22 EPS upside, all else equal). Our FQ2 EPS of $11.36 is also above the Street consensus of $10.89.”
A number of other firms have also recently commented on AAPL. Analysts at Standpoint Research downgraded shares of Apple from a “hold” rating to a “sell” rating in a research note to investors on Monday, January 6th. Separately, analysts at S&P Equity Research reiterated a “buy” rating on shares of Apple in a research note to investors on Monday, December 30th. Finally, analysts at TheStreet raised their price target on shares of Apple from $700.00 to $1,111.00 in a research note to investors on Monday, December 30th. Three analysts have rated the stock with a sell rating, twelve have assigned a hold rating, thirty-seven have issued a buy rating and two have given a strong buy rating to the stock. Apple currently has an average rating of “Buy” and a consensus target price of $605.85.
Shares of Apple (NASDAQ:AAPL) traded up 2.20% on Wednesday, hitting $558.39. 6,194,362 shares of the company’s stock traded hands. Apple has a 52 week low of $385.10 and a 52 week high of $575.14. The stock has a 50-day moving average of $553.3 and a 200-day moving average of $499.5. The company has a market cap of $502.4 billion and a price-to-earnings ratio of 13.75.
Apple (NASDAQ:AAPL) last announced its earnings results 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 last year, the company posted $8.67 earnings per share. Apple’s revenue was up 4.2% compared to the same quarter last year. On average, analysts predict that Apple will post $43.72 earnings per share for the current fiscal year.
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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