Apple Stock Rating Lowered by Credit Agricole (AAPL)
Apple (NASDAQ: AAPL) was downgraded by investment analysts at Credit Agricole from a “buy” rating to an “outperform” rating in a note issued to investors on Monday. They currently have a $505.00 target price on the stock, down from their previous target price of $575.00.
Shares of Apple traded up 1.42% during mid-day trading on Monday, hitting $437.87. Apple has a 52 week low of $419.00 and a 52 week high of $705.07. The stock’s 50-day moving average is currently $453.4. The company has a market cap of $411.2 billion and a P/E ratio of 9.79.
Apple last posted its quarterly earnings results on Wednesday, January 23rd. The company reported $13.81 earnings per share for the quarter, beating the analysts’ consensus estimate of $13.55 by $0.26. The company had revenue of $54.51 billion for the quarter, compared to the consensus estimate of $54.73 billion. During the same quarter last year, the company posted $13.87 earnings per share. Apple’s revenue was up 17.7% compared to the same quarter last year. Analysts expect that Apple will post $44.52 EPS for the current fiscal year.
A number of other analysts have also recently weighed in on AAPL. Analysts at Zacks reiterated a “neutral” rating on shares of Apple in a research note to investors on Wednesday, March 6th. They now have a $453.00 price target on the stock. Separately, analysts at Citigroup downgraded shares of Apple to a “buy” rating in a research note to investors on Wednesday, March 6th. They now have a $575.00 price target on the stock, up previously from $530.00. Finally, analysts at Berenberg Bank downgraded shares of Apple from a “buy” rating to a “sell” rating in a research note to investors on Wednesday, March 6th.
Thirty-nine analysts have rated the stock with a buy rating, three have issued an overweight rating, ten have assigned a hold rating, and two have issued a sell rating to the company’s stock. The stock currently has a consensus rating of “overweight” and a consensus price target of $606.84.
Apple Inc. (Apple) 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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