Sterne Agee reiterated their buy rating on shares of Apple (NASDAQ: AAPL) in a research note issued to investors on Friday. The firm currently has a $630.00 target price on the stock, down from their previous target price of $715.00.
“We are picking up from our supplier checks build plan reductions for iPhone likely due to an inventory drawdown ahead of refreshes in the 2H. In addition, we see evidence of sourcing activity for what appears to be iPhone 5S and a lower-cost iPhone using composite material casing. We are reducing our iPhone forecast but leaving iPads and Macs intact. With 2 weeks left, we believe AAPL will likely hit the lower end of its guidance. The good news is this is better than most expecting a miss.,” Sterne Agee’s analyst wrote.
A number of other analysts have also recently weighed in on AAPL. Analysts at UBS AG cut their price target on shares of Apple from $600.00 to $560.00 in a research note to investors on Friday. They now have a buy rating on the stock. Separately, analysts at BTIG Research upgraded shares of Apple from a neutral rating to a buy rating in a research note to investors on Thursday, March 14th. They now have a $540.00 price target on the stock, up previously from $45.00. Finally, analysts at Argus cut their price target on shares of Apple from $775.00 to $600.00 in a research note to investors on Wednesday, March 13th. They now have a buy rating on the stock.
Two research analysts have rated the stock with a sell rating, eight have given a hold rating, forty-one have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The company currently has an average rating of Buy and an average target price of $613.42.
Apple (NASDAQ: AAPL) traded up 0.36% on Friday, hitting $457.3625. Apple has a 52-week low of $419.00 and a 52-week high of $705.07. The stock’s 50-day moving average is currently $448.4. The company has a market cap of $429.5 billion and a price-to-earnings ratio of 10.33.
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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