Canaccord Genuity reported on Monday that they have maintained
both their rating and price target for tech giant, Apple Inc.(
The firm reported that they have reaffirmed their "Buy" rating
and $800 price target for AAPL. This price target suggests a 26%
increase over the stock's current price of $590.20.
Analysts believe the company will see high iPhone 5 sales as the
company obtains a larger supply. The firm has increased its
estimate for December iPhone sales from 45 million to 47.5 million,
but has reduced its March quarter estimates from 47.5 million to 46
Analysts have raised their first quarter EPS estimate from
$13.46 to $14.04 per share. Additionally, they have increased their
fiscal 2013 estimates slightly from $53.13 to $53.15.
The firm commented, "our November channel checks indicated very
strong sales of the iPhone 5 at AT&T, Verizon, and Sprint and
also in international markets with dramatically improved supply,"
analyst T. Michael Walkley comments. "Given these checks combined
with Apple's strong plans for an iPhone 5 ramp to 240 carriers in
100 countries by year end, including Chinaon December 14, we have
slightly increased our above-consensus December quarter iPhone
estimates. Bolstered by the iPhone 5, we believe Apple's
industry-leading software ecosystem and integrated hardware
experience will lead to a strong multi-year product cycle."
Apple shares were up $5.04, or 0.86% during premarket trading
Monday. The stock is up 44.51% YTD.
The Bottom Line
Shares of Apple (
) have a 1.81% dividend yield, based on Friday's closing stock
price of $585.28. The stock has technical support in the $560-$565
price area. If the shares can firm up, we see overhead resistance
around the $600-$614 price levels.
) is not recommended at this time, holding a Dividend.com DARS™
Rating of 3.4 out of 5 stars.
Be sure to visit our complete recommended list of the
Best Dividend Stocks
, as well as a detailed explanation of
our ratings system here
Created by Dividend.com