Market Update (NASDAQ:AAPL): Apple Shutdown in China Might Just Be a Temporary Glitch

[at TheStreet] – China has shut down Apple’s book and movie services in the country. Is it just a blip, or is it the start of a trend? Read more on this. Apple Inc. (AAPL) , valued at $584.57B, opened this morning at $105.01. Today’s price range has been between $104.62 and $106.48 per share and has traded between $92.00 and $134.54 over the past year. Priced at 11.72x this year’s forecasted earnings, AAPL shares are relatively expensive compared to the industry’s 10.02x forward p/e ratio. The company pays shareholders $2.08 per share annually in dividends, yielding 1.95%. In a review of the consensus earnings estimate this quarter, 36 sell-side analysts are looking at $2.00 per share, which would be $0.33 worse than the year-ago quarter and a $0.23 sequential decrease. Furthermore, our analysis shows the full-year EPS estimate to be $9.04, which would be a $0.18 worse when compared to the last year’s annual results. The quarterly earnings estimate is predicated on a consensus revenue forecast of $51.97 Billion. If reported, that would be a 10.41% decrease over the year-ago quarter. In terms of ratings, Needham Initiated AAPL at Strong Buy (Apr 6, 2016). Previously, Cowen upgraded AAPL from Market Perform to Outperform. When considering if the stock is under or overvalued, the average price target is $134.00, which is 27.61% above where the stock opened this morning. See more in (NASDAQ:AAPL) Similar Articles: Stock Update: Apple Inc (NASDAQ:AAPL) – Will Qualcomm Lose Out on Apple’s iPhone? (QCOM, AAPL) Market Update: Apple Inc (NASDAQ:AAPL) – Will 2016 Be the Year Apple Music Takes Off? Market Update (NASDAQ:AAPL): Apple Inc.’s Latest Move in China Shows Why Baidu Inc. Needs "Transaction Services," aka Online-to-Offline
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