Apple Upgraded To Buy At Hilliard Lyons Raises Top & Bottom Line Est PT $680 from $540
Apple Upgraded to Buy at Hilliard Lyons
By Ernie Varitimos On April 25, 2013 · Add Comment
This morning Hilliard Lyons upgraded Apple to a buy from a long-term buy, citing Apple’s valuation and the $60 billion share buyback, and the 15% increase to the dividend yield, making it 3%. Hilliard Lyons raised their price target to $680 from $540.
I would expect we’ll see more upgrades as the days progress and analysts digest the full breadth of Apple’s earnings and position relative to competitors.
Apple is going through a shift, recognizing that it needs to stabilize price, and become more of a value company than one in perpetual growth mode. The stock buyback show confidence in the overall outlook, and plus the shares are really cheap. This should provide a significant boost to price. Also, funds will start taking a serious look at Apple accumulation with the healthier 3% dividend.
So, I’ll reiterate my outlook right here and say that Apple is poised for a sunup that will be unprecedented in securities history.