UBS Cuts Price Target and Earnings Estimates for Apple (AAPL)

By Staff,

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UBS analysts reported on Friday that it is cutting the price target and earning estimates for Apple Inc. ( AAPL ) due to the slowdown of iPhone production rates.

UBS said that it maintains a "Buy" rating for Apple, but now sees shares reaching $700. The new valuation is a +32.2% upside from Thursday's closing price of $529.69.

Apple shares were down $10.49, or -1.93%, in premarket trading on Friday. The stock is up +30.79% year-to-date.

The Bottom Line
Shares of Apple ( AAPL ) have a 2.00% dividend yield, based on last night's closing stock price of $529.69. The stock has technical support in the $500-$510 price area. If the shares can firm up, we see overhead resistance around the $550-$565 price levels.

Apple Inc. ( AAPL ) is not recommended at this time, holding a 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 .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing Stocks
Referenced Stocks: AAPL

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