FBR Capital Markets Slashes Apple Price Target, Estimates (AAPL)
Apple Inc. (AAPL) saw its price target and earnings estimates cut by analysts at FBR Capital Markets on Wednesday as the company continues to face margin pressures.
The analysts now see shares of AAPL reaching $675, which is still a +34% upside to Tuesday’s closing price of $504.77. FBR maintained its “Outperform” rating on the iPhone manufacturer.
Apple shares were up slightly during pre-market trading on Wednesday. The stock is up +20.1% over the past year.
The Bottom Line
Shares of Apple (AAPL) have a 2.10% dividend yield, based on last night’s closing stock price of $504.77. 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.