By Carly Forster
Apple Inc. (NASDAQ:AAPL) is a Cupertino, California based multinational corporation that designs, develops, and sells consumer electronics, computer software, and personal computers. Some of the most known Apple products are the iPhone, iPad, MacBook, and iPod. On September 9th, Apple held a conference at the Flint Center for the Performing Arts at De Anza College in Cupertino and finally revealed the new iPhone 6 and iPhone 6 plus, Apple Pay, and the Apple Watch.
Despite all the hype, Apple ended the day down $0.37 or 0.38%. Some are speculating that the drop is due to investors’ fears about iCloud security, pricing, and the potential for the 5.5 inch iPhone 6 plus competing with its mini iPad. With that being said, the iPhone 6 and iPhone 6 Plus are still expected to soon become the company’s biggest money makers. Chief Executive Tim Cook said at the event, “These are the best iPhones we’ve ever made… they’re better in every single way.” Mr. Cook was also excited to reveal the Apple Watch, stating, “It is amazing what you can do from your wrist.”
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Shares of Apple opened at $99.11 on Tuesday, September 9th. The technology giant has a 1-year high of $103.08 and a 1-year low of $63.89. The stock’s daily moving average is $99.61 and has a 50-day moving average of $98.30. The market cap for Apple is $586.75 billion and its P/E ratio is 16.44.
On September 10th, Goldman Sachs analyst Bill Shope reiterated a Buy rating on Apple and raised his price target from $107 to $115. He reasoned, “Apple announced several new products and services at its event in Cupertino, CA, including the iPhone 6 and iPhone 6 Plus, Apple Pay, and Apple Watch. We believe Apple Inc. (NASDAQ:AAPL)’s launch delivered a product set that was largely in-line with lofty expectations. We look towards the larger-screen iPhones as an important driver of improved growth in that segment, with Apple Pay and Apple Watch serving as key platform enhancements and further sources of stickiness for iOS.” Shope has an overall success rate of 73%, helping him earn a +17.3% average return all stocks he has rated. Shope has also recommended Apple 51 times, earning an 82% success rate in making recommendations and a +29.0% average return on the stock.
On the other hand, on September 10th, Seeking Alpha blogger R.S. Analytics was rather disappointed in the Apple products launch, mainly due to what he believes to be a “lack of visionary leadership.” Despite being an incredibly successful company, the blogger thinks the company needs a visionary leader “who can shepherd in amazing new products that change our lives like the original iPhone, iPad, iPod, and iTunes.” Until that happens, R.S. Analytics is under the impression that future “product launches will be met with the same disappointment and Apple’s shares will stagnate.” The blogger currently has a 50% success rate in recommending stocks, but with a +21.8% average return. However, he has rated Apple two times with a 0% success rate, earning a -2.1% average return on the stock.
On average, the top analyst consensus for AAPL is Moderate Buy.
To see more recommendations for Apple Inc. (NASDAQ:AAPL), visit TipRanks today!
Carly Forster writes about stock market news. She can be reached at Carly@tipranks.com