Company Update: Apple Inc (NASDAQ:AAPL) – TSMC Will Meet Its Sales Target Despite Apple’s Fiscal Q2 Miss: Bernstein

[at Barrons.com] – Bernstein Research cut its second-quarter revenue forecast for Apple’s foundry provider Taiwan Semiconductor Manufacturing Corp., TSMC (2330.Taiwan/TSM) after Apple (AAPL) said it would cut $2 billion inventory. The last time Apple had a large cut in channel inventory was a year ago and it was only “a bit less than $800 million”, said Apple. Read more on this. Apple Inc. (AAPL) , valued at $578.58B, opened this morning at $104.01. Shares have traded today between $103.91 and $105.30 per share and has traded between $92.00 and $132.97 over the past 12 months. AAPL shares are currently priced at 11.64x this year’s forecasted earnings, which makes them relatively expensive compared to the industry’s 10.18x earnings multiple. And for passive income investors, the company pays shareholders $2.08 per share annually in dividends, yielding 1.97%. According to a consensus of 36 analysts, the earnings estimate of $2.00 per share would be $0.33 worse than the year-ago quarter and a $0.02 sequential decrease. The full-year EPS estimate is $9.03, which would be a $0.19 better than last year. The quarterly earnings estimate is predicated on a consensus revenue forecast of $51.97 Billion. If reported, that would be a 10.41% decrease over the year-ago quarter. More recently, Needham Initiated AAPL at Strong Buy (Apr 6, 2016). Previously, Cowen upgraded AAPL from Market Perform to Outperform. When considering if perhaps the stock is under or overvalued, the average price target is $133.87, which is 28.71% above where the stock opened this morning. See more in (NASDAQ:AAPL) Similar Articles: Stock Update: Apple Inc (NASDAQ:AAPL) – Apple Watch Sales Could Tank This Year With No Big Redesign Market Update (NASDAQ:AAPL): Microsoft ads target Apple by claiming Windows 10 PCs ‘Do More’ than Macs Stock Update: Apple Inc (NASDAQ:AAPL) – Apple Notebook Sales Surge, Top Industry
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