Apple (NASDAQ:AAPL)‘s stock had its “strong-buy” rating restated by equities researchers at ISI Group in a research report issued on Wednesday, Analyst Ratings Network reports.
The analysts wrote, “In the 8 quarters leading up to AAPL’s June quarter report in 2012, AAPL had beaten consensus quarterly EPS estimates by ~20% on average and it was not hard to give the company the benefit of the doubt ahead of the iPhone 5 launch.Despite two significant hardware advancements (e.g., LTE connectivity and a slightly larger display), iPhone 5 adoption has not been quite as robust as many hoped. In part, this is due to the need for an even larger screen. However, we also believe a lack of software enhancements (e.g., stale user interface [UI], Maps and Siri disappointments, etc.) have been responsible for Android closing the user experience gap. While the iPhone 5S could be another disappointment (assuming no change in screen size), we believe AAPL’s iOS7 ‘extreme makeover’ could satisfy the demand for a fresher UI and give AAPL’s traditionally loyal installed base enough reason to wait for a larger-display iPhone model.”
Shares of Apple (NASDAQ: AAPL) traded up 5.71% during mid-day trading on Wednesday, hitting $442.914. Apple has a 52 week low of $385.10 and a 52 week high of $705.07. The stock’s 50-day moving average is currently $423.6. The company has a market cap of $415.7 billion and a P/E ratio of 10.00.
Apple (NASDAQ:AAPL) last announced its earnings results on Tuesday, July 23rd. The company reported $7.47 EPS for the quarter, beating the Thomson Reuters consensus estimate of $7.28 by $0.19. The company had revenue of $35.32 billion for the quarter, compared to the consensus estimate of $35.01 billion. During the same quarter in the previous year, the company posted $9.32 earnings per share. The company’s revenue for the quarter was up .9% on a year-over-year basis. Analysts expect that Apple will post $39.32 EPS for the current fiscal year.
Other equities research analysts have also recently issued reports about the stock. Analysts at Deutsche Bank reiterated a “buy” rating on shares of Apple in a research note to investors on Wednesday. Separately, analysts at Oppenheimer reiterated an “in-line” rating on shares of Apple in a research note to investors on Wednesday. Finally, analysts at Morgan Stanley reiterated an “overweight” rating on shares of Apple in a research note to investors on Wednesday.
Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating, forty-four have given a buy rating and three have given a strong buy rating to the company. Apple presently has an average rating of “Buy” and a consensus target price of $536.86.
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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