Neutral Recommendation from MoffettNathanson
Fintel reported today that MoffettNathanson has initiated coverage of Apple with a Neutral recommendation. This move comes against a backdrop of analysis and forecasts plaguing the tech industry giants.
Analyst Price Forecast Indicates Modest Upside
According to data as of August 6, 2024, the average one-year price target for Apple stands at $238.86 per share. Analysts’ forecasts range from a low of $185.70 to a high of $315.00, with an average price target suggesting a 5.74% increase from the current price of $225.90 per share.
Revenue and EPS Projected to Grow
The projected annual revenue for Apple is expected to increase by 13.25%, reaching 436,698MM. Furthermore, the projected annual non-GAAP EPS is anticipated to be 6.93, showcasing potential growth in the company’s earnings per share.
Insight into Fund Sentiment
Currently, there are 7,025 funds or institutions with positions in Apple. This marks a 2.52% increase in ownership from the previous quarter. The average portfolio weight dedicated to AAPL is 3.39%, showing growing investor interest. Additionally, total shares owned by institutions have risen by 4.89% to 10,100,901K shares, underscoring institutional confidence in the company.
Several notable institutions have altered their positions in Apple. Vanguard Total Stock Market Index Fund Investor Shares reduced its ownership by 0.56%, while Berkshire Hathaway decreased its stake by a significant 97.34%. Conversely, Vanguard 500 Index Fund Investor Shares increased its ownership by 2.37%, and Geode Capital Management upped its stake by 1.80%. Price T Rowe Associates also joined the bandwagon, increasing its ownership by 9.42%.
The Landscape of Apple’s Offerings
Apple Inc., a global technology juggernaut headquartered in Cupertino, California, is renowned for its wide array of consumer electronics, software, and services. The company’s robust product line includes iconic devices such as the iPhone, iPad, Mac, iPod, Apple Watch, Apple TV, AirPods, and more. Moreover, Apple’s software ecosystem features popular operating systems like iOS, macOS, watchOS, and tvOS, along with a host of services providing seamless user experiences.
Firmly rooted in history, Apple was founded in 1976 by visionaries Steve Jobs, Steve Wozniak, and Ronald Wayne. The company has evolved over the decades, capitalizing on groundbreaking innovations and building a loyal customer base worldwide.