Apple (AAPL) Sees Pressure, Analysts Remain Bullish Following Jobs Announcement
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Price: $304.91 --0%
Rating Summary:
44 Buy, 29 Hold, 9 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 11 | Down: 15 | New: 6
Rating Summary:
44 Buy, 29 Hold, 9 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 11 | Down: 15 | New: 6
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Apple Inc. (NASDAQ: AAPL) shares are down 5 percent to $331.00 in premarket trade on Tuesday after the company announced on Monday that CEO Steve Jobs would be taking a leave of absence to focus on his health.
Analysts from across Wall Street that have been pushing the bulling rally in Apple's stock weighed in following the announcement, and maintained their positive view on the company under the direction of COO Tim Cook for the time being.
Gleacher & Co. analyst Brian Marshal said that the stock will not break the $300 level due to the company's earnings power in 2011, which creates a floor for the stock of around $300, down 15% from levels before the announcement.
Piper Jaffray analyst Gene Munster reiterated his overweight rating on Apple with a $438 price target, as the analyst notes that Jobs is not stepping down as CEO which may point to him seeing "the leave will be shorter and/or less serious than his previous leave.”
ISI Group analyst Abhey Lamba reiterated a Buy rating on apple with at $400 price target, noting that Apple’s revenue and EPS rose 21% and 54% in the first six months of 2009, when Cook was leading the company in Jobs absence the first time. He added that Cook led a refresh of the iPhone and prepped for the launch of the iPad.
Ticonderoga Securities analyst Brian White reiterated a Buy rating on the stock with a price target of $450, advising that “Apple would be wise to tap into its $51 billion net cash position for a significant stock repurchase or a generous cash dividend.” White also sees 2011 will “prove to be a great year for the fundamentals at Apple as the iPhone gains continued momentum and starts to tap into CDMA networks around the world.”
Analysts from across Wall Street that have been pushing the bulling rally in Apple's stock weighed in following the announcement, and maintained their positive view on the company under the direction of COO Tim Cook for the time being.
Gleacher & Co. analyst Brian Marshal said that the stock will not break the $300 level due to the company's earnings power in 2011, which creates a floor for the stock of around $300, down 15% from levels before the announcement.
Piper Jaffray analyst Gene Munster reiterated his overweight rating on Apple with a $438 price target, as the analyst notes that Jobs is not stepping down as CEO which may point to him seeing "the leave will be shorter and/or less serious than his previous leave.”
ISI Group analyst Abhey Lamba reiterated a Buy rating on apple with at $400 price target, noting that Apple’s revenue and EPS rose 21% and 54% in the first six months of 2009, when Cook was leading the company in Jobs absence the first time. He added that Cook led a refresh of the iPhone and prepped for the launch of the iPad.
Ticonderoga Securities analyst Brian White reiterated a Buy rating on the stock with a price target of $450, advising that “Apple would be wise to tap into its $51 billion net cash position for a significant stock repurchase or a generous cash dividend.” White also sees 2011 will “prove to be a great year for the fundamentals at Apple as the iPhone gains continued momentum and starts to tap into CDMA networks around the world.”
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