Apple (AAPL) shares are now down 11% from the April 26 high and that’s spurred Standard & Poor’s Equity Research to upgrade the stock to Strong Buy from Buy. Analyst Clyde Montevirgen writes this afternoon that strong iPad sales, a resurgence of the iMac line, and a possible iPod refresh offers greater visibility for his projections.
“Although shares may be impacted by market sentiment, we see above-peer growth in the fast-growing smartphone and notebook markets as a compelling theme that should drive share prices higher,” Montevirgen says.
He has a price target of $300 for the stock.
Apple shares are down 2.3%, or $5.65, today to $242.69.
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