New $620 Price Target on Apple (AAPL)
Everyone loves Apple Inc. (NASDAQ: AAPL) and the company is now flirting with a market capitalization rate of $500 billion. Now we have a new higher price target objective for the stock market’s darling. Sterne Agee has reiterated its BUY…
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.
Everyone loves Apple Inc. (NASDAQ: AAPL) and the company is now flirting with a market capitalization rate of $500 billion. Now we have a new higher price target objective for the stock market’s darling. Sterne Agee has reiterated its BUY rating on Apple but it decided to raise the price target objective to $620 per share from a previous target of $550 per share.
The move comes ahead of next week’s planned unveiling of its new iPad with a quad-core processor. The news has now been very well telegraphed but Stern Agee still feels that it will be material and act as a driver.
For the new iPad, the firm expects a much faster processor (quad-core), and it expects a higher resolution screen, as well as integrated Siri software features, and it expects 4G LTE wireless features.
Apple shares are up just over 1% at $542.65 after the open and the market cap on Yahoo! Finance is listed as $499.2 billion. The consensus price target from Thomson Reuters is roughly $572 as of now.
Contact [email protected] for any questions or corrections.
Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.
