Barclays Reiterates “Equal Weight” Rating for Apple (AAPL)
Apple (NASDAQ:AAPL)‘s stock had its “equal weight” rating reaffirmed by Barclays in a research note issued on Wednesday. They currently have a $655.00 target price on the stock, up from their previous target price of $590.00. Barclays’ price objective would suggest a potential upside of 4.69% from the company’s current price.
Shares of 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 P/E ratio of 14.99. Apple also was the target of a significant 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. Based on an average daily volume of 8,690,913 shares, the short-interest ratio is currently 1.9 days. Approximately 2.0% of the shares of the stock are sold short.
Apple (NASDAQ:AAPL) last posted its quarterly earnings results 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.
Several other analysts have also recently commented on the stock. Analysts at Needham & Company LLC reiterated a “positive” rating on shares of Apple in a research note on Tuesday. Separately, analysts at Erste Group upgraded shares of Apple from a “sell” rating to a “hold” rating in a research note on Monday, May 19th. Finally, analysts at ISI Group reiterated a “buy” rating on shares of Apple in a research note on Wednesday, May 14th. They now have a $590.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and twenty-nine have assigned a buy rating to the company. Apple presently has a consensus rating of “Buy” and a consensus 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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