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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