Apple Shares Get Price Target Boost on iPhone Sales Debut (AAPL)
Apple (AAPL) received a dose of Deutsche Bank’s bullishness this morning in the form of a raised price target by the bank to $850.
While headlines are saturated with iPhone 5 related stories, largely related to how highly in demand Apple’s latest iteration of its flagship product is, Deutsche Bank believes the hype will translate into robust sales figures and propel the stock to new heights.
The $850 price target implies 21.6% upside from yesterday’s close, just a hair shy of $700.
Perhaps even more fascinatingly is that the $150 per share increase in price target implies approximately $140B in
additional market value for Apple, only $50B less than the entire market capitalization of dividend stalwarts like Johnson & Johnson (JNJ) and Procter & Gamble (PG).
The Bottom Line
Shares of Apple (AAPL) have a 1.52% dividend yield, based on last night’s closing stock price of $698.70. The stock has technical support in the $660-$675 price area. The shares are trading at all-time highs.
Apple (AAPL) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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