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Stock analysts at Sanford C. Bernstein hoisted their target price on shares of Apple (NASDAQ:AAPL) from $615.00 to $700.00 in a report issued on Wednesday. The firm currently has an “outperform” rating on the stock. Sanford C. Bernstein’s price objective points to a potential upside of 11.89% from the stock’s previous close.

Apple (NASDAQ:AAPL) opened at 625.63 on Wednesday. Apple has a one year low of $388.87 and a one year high of $625.86. The stock has a 50-day moving average of $572.3 and a 200-day moving average of $546.. The company has a market cap of $538.9 billion and a price-to-earnings ratio of 14.99. Apple also was the target of a large decline in short interest in May. As of May 15th, there was short interest totalling 16,857,739 shares, a decline of 9.5% from the April 30th total of 18,627,761 shares. Currently, 2.0% of the company’s stock are sold short. Based on an average daily volume of 8,690,913 shares, the short-interest ratio is currently 1.9 days.

Apple (NASDAQ:AAPL) last issued its quarterly earnings data on Wednesday, April 23rd. The company reported $11.62 earnings per share for the quarter, beating the analysts’ consensus estimate of $10.13 by $1.49. The company had revenue of $45.65 billion for the quarter, compared to the consensus estimate of $43.55 billion. During the same quarter last year, the company posted $10.09 earnings per share. Apple’s revenue was up 4.7% compared to the same quarter last year. On average, analysts predict that Apple will post $44.09 earnings per share for the current fiscal year.

A number of other analysts have also recently weighed in on AAPL. Analysts at Bernstein reiterated an “outperform” rating on shares of Apple in a research note on Wednesday. They now have a $700.00 price target on the stock, up previously from $615.00. Separately, analysts at Barclays reiterated an “equal weight” rating on shares of Apple in a research note on Wednesday. They now have a $655.00 price target on the stock, up previously from $590.00. Finally, analysts at Needham & Company LLC reiterated a “positive” rating on shares of Apple in a research note on Tuesday. Two investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and twenty-nine have issued a buy rating to the company’s stock. Apple presently has an average rating of “Buy” and an average target price of $633.14.

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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