Apple Inc. (AAPL) received a “buy” reiteration today from securities research analysts at investment firm ISI Group. ISI also increased their performance outlook for Apple by adjusting their price target from $425 to $480 dollars. ISI noted that Apple is undergoing a new product launch sequence which will boost revenue courtesy of a new iPhone model and iPad production being ramped even further. With these factors combined, ISI raises their price target based on their view that AAPL is entering a new phrase of strength on the market.
AAPL has set a new 52-week high today bright and early at the beginning of the market open with a bullish gap which has so far led AAPL to hit $396.27 during intraday trading. Yesterday, Apple released earnings which once again bested street estimates and for the past two years, each quarter, AAPL has made commendable year to year revenue gains. While AAPL drifted sideways throughout the first half of 2011, it did so within 2010 for a spell, too.
Apple Inc. is slated to release their next earnings report on October 18th, 2011, and is estimated to post EPS of $6.44. Their last earnings report was released yesterday on July 19th, 2011, and announced EPS of $7.79 with revenue totaling $28.570 billion which was up 82.0% year to year. AAPL is currently trading above its 50 & 200-day moving averages and 2011 is an up year for the company.
Apple Inc. and its wholly-owned subsidiaries designs, manufactures and markets a range of personal computers, mobile communication and media devices, and portable digital music players, and sells a variety of related software, services, peripherals, networking solutions, and third-party digital content and applications. The company has market capitalization of $348,493,921,750 and 924,755,000 shares outstanding. AAPL has a 52-week high of $396.27 with the low being $235.56 dollars.