Apple Inc. (AAPL) Split-Adjusted Price Target Raised

Apple Inc. (AAPL) Split-Adjusted Price Target Raised
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Apple Inc. (NASDAQ:AAPL) completed its seven-for-one stock split after the close of business on Friday. Shares are now trading at around $92 each, compared to the more than $600 they were trading at during regular trading hours on Friday. Now analysts are adjusting their models based on Apple’s stock split.

Apple starts trading on split-adjusted basis

In a report dated June 8, 2014, Stifel analysts updated their price target for Apple Inc. (NASDAQ:AAPL) to $110 per share. Analyst Aaron Rakers and his team continue to see upside for the company. Their new price target is actually an increase from their previous split-adjusted target of $93 per share.

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The Stifel team said they are tracking these early phases of Apple Inc. (NASDAQ:AAPL)’s ramp at China Mobile Ltd. (ADR) (NYSE:CHL) (HKG:0941). They note that the carrier had about 4.8 million 4G LTE subscribers at the end of April, compared to just 2.8 million at the end of March.

Planning ahead for iPhone 6 launch

The analysts said in determining their model for Apple Inc. (NASDAQ:AAPL) they also look ahead to the launch of the iPhone 6. They expect that it will happen in the second quarter of this year. They believe investors will see upside to their estimates for the December quarter. Currently they estimate $60 billion in revenue and earnings of $2.29 per share.

They continue to rate Apple Inc. (NASDAQ:AAPL) as a Buy.

Other analysts like Apple too

There are very few Apple Inc. (NASDAQ:AAPL) bears out there, and many are anticipating that more investors will be drawn to the company’s stock since it is now more affordable. Last week BMO Capital analyst Keith Backman raised his price target for Apple ahead of the iPhone 6 launch from $610 to $685 per share.

As numerous other analysts have said, he expects the iPhone 6 with its expected larger display, plus more the more advanced iOS 8 and improvements in Apple Inc. (NASDAQ:AAPL)’s ecosystem will improve the company’s positioning in the market. He noted growth in larger screen smartphone sales and estimated that Apple will sell about 20 million to 22 million larger iPhone 6 handsets.

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