UPDATE: Topeka Reiterates Buy Rating on Apple After Dividend Announcement
In a report published by Topeka, analyst Brian J. White reiterated his Buy rating and $888 price target on Apple (NYSE: AAPL).
Topeka reported that, “As we anniversary the March 19, 2012 announcement of Apple's first cash dividend since the last payment in 1995, cash is clearly on investors' minds this week. We believe creating a safety net around Apple's stock with a larger cash distribution is the first phase necessary to stabilize Apple's stock price, followed by a trough in the profit cycle and the ability to open up new, large market opportunities. We believe Apple can complete these three phases in CY13, providing the necessary fuel to push the stock meaningfully higher over the next year.”
Shares of Apple closed at $435.72 on Monday.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.