Apple (AAPL) Given a $200.00 Price Target at Rosenblatt Securities

Apple (NASDAQ:AAPL) has been given a $200.00 price target by investment analysts at Rosenblatt Securities in a research note issued on Tuesday. The brokerage currently has a “buy” rating on the iPhone maker’s stock. Rosenblatt Securities’ price objective suggests a potential downside of 5.77% from the company’s previous close.

The analysts wrote, “We believe this equates to ~6-7% of total new model production in the second half of 2018. We recently trimmed our iPhone XR shipment forecasts by 3 million units due to weak preorders. We are trimming our XR shipment estimates by another 2 million units and trimming our XS shipment estimates by 1 million units. After tracking sell -through data from various retail channels, we believe initial iPhone XR sales are weaker than we expected and weaker than XS/XS Max sales. We estimate global first weekend sales of the iPhone XR to be ~9 million units, 1 million units lower than sales of the the first weekend. Compared to the iPhone 8/8Plus, we believe XR sales are better, although the 8Plus faced some constraints and a smaller sell-through base.””

Several other research firms also recently issued reports on AAPL. Tigress Financial reaffirmed a “buy” rating on shares of Apple in a research note on Thursday, August 30th. Robert W. Baird set a $230.00 price objective on Apple and gave the company a “buy” rating in a research note on Tuesday, September 4th. New Street Research reaffirmed a “sell” rating on shares of Apple in a research note on Tuesday, September 18th. Needham & Company LLC upped their price objective on Apple from $220.00 to $260.00 and gave the company a “buy” rating in a research note on Thursday, September 13th. Finally, Bank of America reaffirmed a “buy” rating on shares of Apple in a research note on Tuesday, October 9th. Three investment analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and thirty-two have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $225.09.

AAPL stock opened at $212.24 on Tuesday. The stock has a market capitalization of $1,063.14 billion, a PE ratio of 23.04, a P/E/G ratio of 1.66 and a beta of 1.36. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.31 and a quick ratio of 1.24. Apple has a 12 month low of $150.24 and a 12 month high of $233.47.

Apple (NASDAQ:AAPL) last released its quarterly earnings data on Tuesday, July 31st. The iPhone maker reported $2.34 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.18 by $0.16. Apple had a return on equity of 43.50% and a net margin of 21.98%. The company had revenue of $53.27 billion during the quarter, compared to the consensus estimate of $52.43 billion. During the same quarter in the prior year, the firm posted $1.67 earnings per share. The firm’s revenue was up 17.3% compared to the same quarter last year. As a group, analysts anticipate that Apple will post 11.77 EPS for the current year.

In other Apple news, CEO Timothy D. Cook sold 265,160 shares of the stock in a transaction that occurred on Monday, August 27th. The stock was sold at an average price of $217.79, for a total transaction of $57,749,196.40. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Angela J. Ahrendts sold 14,194 shares of the stock in a transaction that occurred on Friday, October 5th. The stock was sold at an average price of $227.96, for a total value of $3,235,664.24. Following the transaction, the senior vice president now owns 105,538 shares in the company, valued at $24,058,442.48. The disclosure for this sale can be found here. Insiders have sold a total of 564,185 shares of company stock worth $124,444,213 over the last 90 days. Company insiders own 0.06% of the company’s stock.

Several institutional investors have recently bought and sold shares of the business. Gibraltar Capital Management Inc. lifted its holdings in shares of Apple by 0.4% in the 3rd quarter. Gibraltar Capital Management Inc. now owns 59,517 shares of the iPhone maker’s stock worth $13,435,000 after purchasing an additional 235 shares in the last quarter. West Chester Capital Advisors Inc. lifted its holdings in shares of Apple by 1.5% in the 3rd quarter. West Chester Capital Advisors Inc. now owns 15,824 shares of the iPhone maker’s stock worth $3,572,000 after purchasing an additional 236 shares in the last quarter. PICTET BANK & TRUST Ltd lifted its holdings in shares of Apple by 0.5% in the 2nd quarter. PICTET BANK & TRUST Ltd now owns 45,134 shares of the iPhone maker’s stock worth $8,355,000 after purchasing an additional 240 shares in the last quarter. Ironwood Financial llc lifted its holdings in shares of Apple by 9.5% in the 3rd quarter. Ironwood Financial llc now owns 2,775 shares of the iPhone maker’s stock worth $626,000 after purchasing an additional 241 shares in the last quarter. Finally, Capital Investment Services of America Inc. lifted its holdings in shares of Apple by 10.0% in the 3rd quarter. Capital Investment Services of America Inc. now owns 2,703 shares of the iPhone maker’s stock worth $610,000 after purchasing an additional 245 shares in the last quarter. Hedge funds and other institutional investors own 58.43% of the company’s stock.

Apple Company Profile

Apple Inc designs, manufactures, and markets mobile communication and media devices, and personal computers to consumers, and small and mid-sized businesses; and education, enterprise, and government customers worldwide. The company also sells related software, services, accessories, networking solutions, and third-party digital content and applications.

Further Reading: How is the discount rate different from the Federal Funds rate?

Analyst Recommendations for Apple (NASDAQ:AAPL)

Receive News & Ratings for Apple Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Apple and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply