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January 17, 2013 at 09:24 AM EST
BMO Capital Cuts Price Target for Apple (AAPL)

BMO Capital reported on Thursday that they have lowered their price target for tech giant, Apple Inc.(AAPL).

The firm, with currently has an “Outperform” rating on Apple, has reduced its price target to $640. This price target suggests a 20% increase from the stock’s current price of $509.40.

Analysts believe that the near term outlook may disappoint investors.

Apple shares were up $2.95, or 0.58% during premarket trading Thursday. The stock has increased 20% in the past year.

The Bottom Line
Shares of Apple (AAPL) have a 2.09% dividend yield, based on last night’s closing stock price of $506.09. The stock has technical support in the $460-$490 price area. If the shares can firm up, we see overhead resistance around the $527-$550 price levels.

Apple Inc.(AAPL) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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