Investment analysts at Goldman Sachs Group Inc. set a $530.00 target price on shares of Apple (NASDAQ:AAPL) stock in a note issued to investors on Wednesday, StockRatingsNetwork.com reports. The firm currently has a a “buy” rating on the stock. Goldman Sachs Group Inc.’s target price would indicate a potential upside of 26.49% from the stock’s previous close.
The analysts wrote, “Apple reported revenue upside, particularly for iPhones, and relatively sturdy guidance despite the anticipated lull ahead of the next product cycle. With many, including ourselves, braced for a challenging 3QFY2013 report with risk to forward guidance, the solid iPhone and EPS upside were welcome positive surprises. Nevertheless, while we remain bullish on Apple’s stock, we believe that apart from a modest share price boost post-earnings, the shares are likely to remain range bound until we enter the next product cycle refresh this fall, the success of which we view as critical to the stock’s recovery.”
Shares of Apple (NASDAQ: AAPL) traded up 5.88% during mid-day trading on Wednesday, hitting $443.64. Apple has a one year low of $385.10 and a one year high of $705.07. The stock’s 50-day moving average is currently $423.6. The company has a market cap of $416.4 billion and a P/E ratio of 10.00.
Apple (NASDAQ:AAPL) last issued its quarterly earnings data on Tuesday, July 23rd. The company reported $7.47 earnings per share for the quarter, beating the analysts’ consensus estimate of $7.28 by $0.19. The company had revenue of $35.32 billion for the quarter, compared to the consensus estimate of $35.01 billion. During the same quarter last year, the company posted $9.32 earnings per share. Apple’s revenue was up .9% compared to the same quarter last year. On average, analysts predict that Apple will post $39.32 earnings per share for the current fiscal year.
A number of other firms have also recently commented on AAPL. Analysts at JPMorgan Chase & Co. reiterated a “buy” rating on shares of Apple in a research note to investors on Wednesday. They now have a $545.00 price target on the stock. Separately, analysts at Lazard Capital Markets reiterated a “buy” rating on shares of Apple in a research note to investors on Wednesday. They now have a $500.00 price target on the stock. Finally, analysts at FBR Capital Markets reiterated an “outperform” rating on shares of Apple in a research note to investors on Wednesday. They now have a $500.00 price target on the stock.
Two analysts have rated the stock with a sell rating, twelve have given a hold rating, forty-four have given a buy rating and three have assigned a strong buy rating to the company’s stock. Apple presently has a consensus rating of “Buy” and an average price target of $547.76.
Apple Inc (NASDAQ: AAPL) designs, manufactures and markets mobile communication and media devices, personal computers, and portable digital music players, and a variety of related software, services, peripherals, networking solutions, and third-party digital content and applications.