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Analysts Cut Price Target On Apple Inc (NASDAQ:AAPL) Stock From $450 To $425 At Jefferies: Reasons

Written by on September 13, 2013

On Thursday, Apple Inc (NASDAQ:AAPL)’s price target was cut from $450 to $425 at Jefferies. Analyst Peter Misek declared that they are cutting full-year estimates of 2014 for earnings a share from $38.78 to $37.95, compared to consensus of $42.66; it is done for two reasons. Firstly, the new iPhone 5C is priced higher than expected analogous to company’s previous-generation handsets instead of setting a new level, and secondly, checks reflect supply constraints because of poor yield rates on the fingerprint sensor. Misek said that company faced tough choices with the 5c pricing and the 5S sensor and chose the higher price/lower market share option for both.

On Thursday, during mid-day trading, company’s shares traded higher by 1.06%, hitting $472.69. From company’s stock14,409,108 shares traded hands. The company has a 52-week high of $705.07 and a 52-week low of $385.10. The stock’s 200-day moving average is $444.1 and its 50-day moving average is $479.6. The company price to earnings ratio of 11.66 with a market cap of $429.4 billion.

Analyst Ratings Network.com reported that analysts at Scotiabank reaffirmed “sector perform” rating on company’s stock in a report issued on Thursday. Recently, a number of other analysts have commented on company’s stock. In a research note to investors on Wednesday, analysts at Raymond James increased their price target on AAPL’s shares to $675.00 from $600.00. Now, they have a “strong-buy” rating on the stock. Separately, a research note to investors on Wednesday analysts at Merrill Lynch downgraded company’s shares to “neutral” from “buy” rating in. Finally, in a research note to investors on Wednesday analysts at ISI Group maintained a “strong-buy” rating on company’s shares. Now, they have a $600.00 price objective on the stock.

Two research analysts have given a sell rating to the stock, sixteen have assigned a hold rating, forty-one have rated as buy and three have assigned a strong buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $554.07. Apple Inc. (NASDAQ:AAPL) shares in premarket fell -0.57% to $470.00.

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