Zacks Reiterates Neutral Rating for Apple (AAPL)
Apple (NASDAQ:AAPL)‘s stock had its “neutral” rating reiterated by Zacks in a note issued to investors on Friday. They currently have a $107.00 price target on the stock. Zacks‘s price target suggests a potential upside of 4.65% from the company’s current price.
Zacks’ analyst wrote, “Apple reported mixed third-quarter 2014 results with earnings comfortably beating the Zacks Consensus Estimate despite modest growth in revenues. Strong iPhone and Mac sales drove robust performance in China. The company’s growing market share in the BRIC countries as well as in the emerging nations is a major positive. The partnership with China Mobile will continue to boost iPhone sales in China. Although iPad reported a dismal quarter, its growing adoption in enterprises sector is positive. The partnership with IBM will improve Apple’s position in the enterprise market. However, the company continues to face significant competition from Asian handset makers, such as Samsung. Moreover, ongoing litigation issues remain an overhang on the stock. We, therefore, maintain our Neutral recommendation on the stock and set a price target of $107.00. “
Shares of Apple (NASDAQ:AAPL) traded up 0.34% during mid-day trading on Friday, hitting $102.60. 28,418,072 shares of the company’s stock traded hands. Apple has a 1-year low of $63.8886 and a 1-year high of $102.78. The stock has a 50-day moving average of $97.19 and a 200-day moving average of $86.39. The company has a market cap of $614.4 billion and a P/E ratio of 16.49. Apple also saw a significant decrease in short interest in August. As of August 15th, there was short interest totalling 95,116,846 shares, a decrease of 8.1% from the July 31st total of 103,492,685 shares. Based on an average daily trading volume, of 41,052,838 shares, the short-interest ratio is presently 2.3 days. Approximately 1.6% of the shares of the stock are sold short.
Apple (NASDAQ:AAPL) last released its earnings data on Tuesday, July 22nd. The company reported $1.28 EPS for the quarter, beating the Thomson Reuters consensus estimate of $1.22 by $0.06. The company had revenue of $37.43 billion for the quarter, compared to the consensus estimate of $37.80 billion. During the same quarter in the prior year, the company posted $7.47 earnings per share. The company’s quarterly revenue was up 6.0% on a year-over-year basis. On average, analysts predict that Apple will post $6.33 earnings per share for the current fiscal year.
Several other analysts have also recently commented on the stock. Analysts at Nomura reiterated a “hold” rating on shares of Apple in a research note on Wednesday, July 23rd. They now have a $95.00 price target on the stock. Separately, analysts at Raymond James raised their price target on shares of Apple from $102.00 to $104.00 in a research note on Wednesday, July 23rd. They now have an “outperform” rating on the stock. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and thirty-three have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $101.63.
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.
To view Zacks’ full report, visit Zacks’ official website.
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