Market Overview

UPDATE: Topeka Capital Markets Cuts PT to $888 on Apple Following Results

Share:
Related AAPL
Most FAANG Stocks Are In Bear Territory — But Still A Good Bet For Long-Term Investors
Trade Concerns Continue To Push Stock Market Lower
Nasdaq Leads Positive Reversal; These 5 Growth Stocks Aim To Lead Next Uptrend (Investor's Business Daily)

Topeka Capital Markets reiterated its Buy rating on Apple (NASDAQ: AAPL) but reduced its price target from $1111.00 to $888.00.

Topeka Capital Markets noted, "Last night, Apple reported 1QFY13 results and offered up a 2QFY13 sales outlook that was inline with our model but fell short of the Street's estimates, while margins are expected to be below our projections. … Given the decline in the share price, we are lowering our 12-month price target to $888.00 from $1,111.00 based on over 13x (S&P 500 multiple) our interest expense/income adjusted CY14 pro forma EPS estimate plus net cash per share of $144.75."

Apple closed at $514.01 on Wednesday.

Latest Ratings for AAPL

DateFirmActionFromTo
Dec 2018CitigroupMaintainsBuyBuy
Dec 2018Morgan StanleyMaintainsOverweightOverweight
Dec 2018RosenblattMaintainsNeutral

View More Analyst Ratings for AAPL
View the Latest Analyst Ratings

Posted-In: Topeka Capital MarketsAnalyst Color Price Target Intraday Update Analyst Ratings

 

Related Articles (AAPL)

View Comments and Join the Discussion!

Latest Ratings

StockFirmActionPT
QRVOKeyBancDowngrades0.0
SWKSKeyBancDowngrades0.0
CMAB. Riley FBRDowngrades84.0
COFBairdUpgrades101.0
CORJefferiesDowngrades102.0
View the Latest Analytics Ratings
Don't Miss Out!
Join Our Newsletter
Subscribe to:
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Fintech Focus
Your weekly roundup of hot topics in the exciting world of fintech.
Thank You
for registering for Benzinga’s newsletters and alerts.
• The Daily Analysts Ratings email will be received daily between 7am and 10am.
• The Market in 5 Minutes email will be received daily between 7am and 8am.
• The Fintech Focus email will be received every Friday between 2pm and 5pm.

Mid-Morning Market Update: Apple Falling as Netflix Posts a Massive Rally

Stocks Hitting 52-Week Lows