Apple Inc. (NASDAQ: AAPL) has its Worldwide Developers Conference starting today and the stock is trading up 1.2% or $7.01 at $587.33 against a 52-week range of $310.50 to $644.00. We wanted to share just what a snapshot of the company is to show the anticipated impact. The impact is not that of an earnings report, but this is up $27.00 per share since just last Tuesday. Here are the observations from analysts and traders for what is expected as far as Apple valuations from WWDC:
The consensus price target objective from Thomson Reuters is roughly $712.50, which implied a potential upside of roughly 21% from today’s share price. Options traders have priced in a move of up to about $9.00 (plus-minus $1.00) per share going into this Friday’s options expiration date for the month of June.
Investors need to be aware of a few things on the stock chart for Apple. First, the 50-day moving average is literally being violated today and that is $587.08. While the market was tanking throughout May, Apple bottomed out at around $530.00.
Here are some other key issues to consider around Apple’s WWDC:
- Here was a video showing changes coming to the iPhone.
- Gene Munster of Piper Jaffray previewed Apple TV around $2,000.00.
- Apple is running out of distribution sources in the U.S. as prepaid cell carriers take on the iPhone.
- Analysts have been talking Apple up ahead of WWDC.
- Tim Cook was interviewed ahead of WWDC.
- Apple leads the world’s top brands list.
JON C. OGG