Sterne Agee reported on Tuesday that they have raised estimates for tech giant, Apple Inc.(AAPL).
The firm reported that they have increased their estimates for AAPL through 2014. Analysts have given the company a “Buy” rating, and a $840 price target. This price target suggests a 30% increase from the stock’s current price of $582.34.
Analysts predict sales increasing due to a higher supply of the iPhone 5, which the company previously had a difficult time producing enough to meet demand.
Apple shares were down -$3.66, or -0.62% during premarket trading Tuesday. The stock is up 44.74% YTD.
The Bottom Line
Shares of Apple (AAPL) have a 1.81% dividend yield, based on last night’s closing stock price of $586.19. The stock has technical support in the $560 price area. If the shares can firm up, we see overhead resistance around the $600-$614 price levels.
Apple Inc.(AAPL) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.