Morningstar Assigns AA- Credit Rating to Apple (AAPL)
Apple (NASDAQ:AAPL) has been given an “AA-” credit rating by Morningstar. The firm’s “AA-” rating indicates that the company is a very-low default risk. They also issued a negative credit outlook for the company and gave their stock a two star rating.
Several other analysts have also recently commented on the stock. Analysts at Zacks reiterated a “neutral” rating on shares of Apple in a research note on Friday. They now have a $107.00 price target on the stock. Separately, 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. Finally, 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 investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and thirty-three have given a buy rating to the company. Apple presently has a consensus rating of “Buy” and an average target price of $101.63.
Apple (NASDAQ:AAPL) opened at 102.50 on Tuesday. Apple has a 52-week low of $63.8886 and a 52-week high of $102.90. The stock’s 50-day moving average is $97.44 and its 200-day moving average is $86.58. The company has a market cap of $613.8 billion and a P/E ratio of 16.49. Apple also saw a significant decline in short interest during the month of August. As of August 15th, there was short interest totalling 95,116,846 shares, a decline of 8.1% from the July 31st total of 103,492,685 shares. Currently, 1.6% of the company’s shares are sold short. Based on an average daily volume of 41,052,838 shares, the short-interest ratio is presently 2.3 days.
Apple (NASDAQ:AAPL) last issued its quarterly earnings data on Tuesday, July 22nd. The company reported $1.28 earnings per share for the quarter, beating the analysts’ 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 last year, the company posted $7.47 earnings per share. Apple’s revenue was up 6.0% compared to the same quarter last year. On average, analysts predict that Apple will post $6.33 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.
To view more credit ratings from Morningstar, visit www.morningstar.com.
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