UBS Cuts Price Target on Apple (AAPL)
UBS reported on Tuesday that they have lowered their price target for tech giant, Apple Inc(AAPL).
The firm has reduced AAPL’s price target to $650, suggesting an 30% upside to the stock’s current price of $500. UBS currently has a “Buy” rating on the company.
Analysts have cut the company’s estimates based the the iPhone’s Application Service Provider(ASP).
Apple shares were up $3.45, or 0.69% during premarket trading Tuesday. The stock has increased 19% in the past year.
The Bottom Line
Shares of Apple (AAPL) have a 2.12% dividend yield, based on Friday’s closing stock price of $500.00. The stock has technical support in the $460-$485 price area. If the shares can firm up, we see overhead resistance around the $527-$550 price level.
Apple Inc(AAPL) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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