Apple’s Price Target Boosted at Needham & Co. (AAPL)
Computer and mobile device maker Apple Inc. (AAPL) on Wednesday received some continued bullish support from analysts at Needham & Co.
The firm reiterated its “Buy” rating and boosted its price target from $620 to $750. That new target suggests a 14% upside to the stock’s Tuesday closing price of $656.06.
A Needham analyst commented, “Since our previous valuation exercise in February 2012, Apple’s sales have continued to grow, although more slowly than in the hype-growth period following the launch of the iPad and iPhone 4S. The increase in our price target stems chiefly from across-the-board upward revisions in all of Apple’s businesses, with the iPhone contributing almost half of the increase.”
Apple shares posted modest gains in premarket trading Wednesday.
The Bottom Line
Shares of Apple (AAPL) have a 1.62% dividend yield, based on last night’s closing stock price of $656.06. The stock has technical support in the $617-$629 price area. The shares are trading right near all-time highs.
Apple Inc. (AAPL) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.
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