Market Analysts Maintain Buy Rating for Apple (AAPL)
Apple is still among favorite stock of many market analysts among technology stocks. Out of technical analysts and market research groups tracked by MarketWatch, 28 have BUY recommendation for Apple (AAPL) and 5 have “overweight” rating for the technology major. Apple has managed to surprise investors and market analysts with better-than-expected results, quarter after quarter.
Credit Suisse has raised Apple’s target price to $175. Macquarie raised its target for Apple from $170 to $180 with Outperform rating.
Apple will soon launch 8th version of its flagship iPhone shortly. Before the company announces its new model, the stock usually registers increased investor interest. Apple has registered stronger performance of iPhone with each new launch. While some market analysts turned skeptical about Apple’s ability to improve iPhone sales, the company has proved them wrong by improving its market share. Apple presented a positive surprise for investors two years back with its robust sales in China.
While the retail sales in China have slowed down in the recent quarters for Apple, the company management is confident that the sales will get a boost with newer iPhone launch. Apple currently enjoys market capitalization of USD 807 billion as the stock closed at $156.39. Market analysts are upbeat that Apple can soon cross $1 trillion in market capitalization.
UBS AG lifted their target price on shares of Apple from $165.00 to $200.00 in a research report published in April. The stock has an average rating of “Buy” and an average price target of $168.5.
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