Apple’s “Buy” Rating Reaffirmed at Bank of America (AAPL)
"Bank of America reaffirmed their buy rating on shares of Apple (NASDAQ: AAPL) in a research note released on Wednesday morning. They currently have a $570.00 price target on the stock.
“As investors continue to look for the next growth driver for Apple, media and investors alike have been speculating on the possibility of Apple launching new iPhone models that are additive to the company’s current product line-up (i.e. a ‘lower cost’ phone and/or larger screen phone). In this report, we #$%$ the case for a lower-cost iPhone. We provide an in-depth analysis of current smartphone market dynamics, especially in the mid-range segment, as well as potential financial impact. We conclude that a lower cost iPhone would be a modest revenue/EPS contributor – nice to have – but adding carriers (i.e. China Mobile, which may not be mutually exclusive with a lower cost iPhone), a larger screen phone, and growth from other products will likely be important also.,” Bank of America’s analyst commented.
Several other analysts have also recently commented on the stock. Analysts at Jefferies Group reiterated a hold rating on shares of Apple in a research note to investors on Wednesday. They now have a $500.00 price target on the stock. Separately, analysts at Piper Jaffray reiterated an overweight rating on shares of Apple in a research note to investors on Tuesday. They now have a $767.00 price target on the stock. Finally, analysts at JPMorgan Chase reiterated an overweight rating on shares of Apple in a research note to investors on Tuesday.
Forty analysts have rated the stock with a buy rating, three have assigned an overweight rating, ten have assigned a hold rating, and one has assigned a sell rating to the stock. The company presently has a consensus rating of overweight and a consensus target price of $620.53.
Apple traded up 0.37% on Wednesday, hitting $469.61. Apple has a 1-year low of $435.00 and a 1-year high of $705.07. The stock’s 50-day moving average is curr