Nomura Increases Apple Price Target to $621.00 (AAPL)
Nomura boosted their target price on shares of Apple (NASDAQ:AAPL) from $574.00 to $621.00 in a research note issued on Friday. The firm currently has a “neutral” rating on the stock. Nomura’s target price would indicate a potential downside of 2.26% from the stock’s previous close.
Shares of Apple (NASDAQ:AAPL) traded down 0.37% on Friday, hitting $633.00. 19,866,760 shares of the company’s stock traded hands. Apple has a 52-week low of $388.87 and a 52-week high of $636.87. The stock has a 50-day moving average of $578.3 and a 200-day moving average of $547.4. The company has a market cap of $545.3 billion and a price-to-earnings ratio of 15.23. Apple also was the target of a significant drop in short interest in the month of May. As of May 15th, there was short interest totalling 16,857,739 shares, a drop of 9.5% from the April 30th total of 18,627,761 shares. Approximately 2.0% of the company’s stock are short sold. Based on an average daily volume of 8,690,913 shares, the days-to-cover ratio is currently 1.9 days.
Apple (NASDAQ:AAPL) last announced its earnings results on Wednesday, April 23rd. The company reported $11.62 earnings per share (EPS) for the quarter, beating the 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 in the previous year, the company posted $10.09 earnings per share. The company’s revenue for the quarter was up 4.7% on a year-over-year basis. On average, analysts predict that Apple will post $44.11 earnings per share for the current fiscal year.
A number of other analysts have also recently weighed in on AAPL. Analysts at Goldman Sachs raised their price target on shares of Apple from $635.00 to $720.00 in a research note on Friday. They now have a “buy” rating on the stock. Separately, analysts at Janney Montgomery Scott raised their price target on shares of Apple from $590.00 to $660.00 in a research note on Thursday. They now have a “fair value” rating on the stock. Finally, analysts at Robert W. Baird raised their price target on shares of Apple from $620.00 to $665.00 in a research note on Thursday. They now have an “outperform” rating on the stock. Two analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and thirty have given a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $649.16.
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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