Monness Believes Apple (AAPL) Still Has Room to Grow
In a report released today, Brian White from Monness maintained a Buy rating on Apple (NASDAQ: AAPL), with a price target of $275. The company’s shares opened today at $223.52, close to its 52-week high of $229.67.
According to TipRanks.com, White is a top 100 analyst with an average return of 19.9% and a 68.3% success rate. White covers the Technology sector, focusing on stocks such as Salesforce.com, Alphabet Inc, and Cloudera Inc.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Apple with a $229.04 average price target, implying a 2.5% upside from current levels. In a report issued on August 31, Daiwa also initiated coverage with a Buy rating on the stock with a $249 price target.
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Based on Apple’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $53.43 billion and net profit of $11.52 billion. In comparison, last year the company earned revenue of $45.26 billion and had a net profit of $8.72 billion.
Based on the recent corporate insider activity of 68 insiders, corporate insider sentiment is negative on the stock. Last month, Arthur Levinson, a Director at AAPL sold 35,000 shares for a total of $7,236,000.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
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