This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Apple Rises on Price Target Boost

NEW YORK ( TheStreet) -- Apple (AAPL - Get Report) shares were higher in early Monday trading, following news one analyst raised his price target ahead of the company's third-quarter earnings tomorrow.

BMO Capital Markets analyst Keith Bachman raised his price target to $480 from $450, as he believes Apple has a chance of beating earnings estimates. He expects Apple to earn $7.98 per share, as a lower warranty expense could help June's gross margins by as much as 110 basis points, aiding earnings per share.

Analysts polled by Thomson Reuters are expecting Apple to earn $7.32 per share on $35.08 billion in revenue for the fiscal third-quarter.

As for guidance, Bachman is still unsure what Apple will deliver, given the company recently changed how it forecasts guidance for the upcoming quarter. "Though we have less history on the new guidance approach, we would expect Apple to guide September-quarter revenue to be flat q/q, or around $2 billion less than consensus estimates," Bachman wrote in the note. "We believe the variance between revenue guidance and existing consensus estimates will be less than in the past few quarters."

Bachman also raised his calendar year 2014 estimates for the Cupertino, Calif.-based tech giant. He now expects Apple to earn $43.48 per share, up from a prior view of $42.27 per share. The consensus view from analysts surveyed by Thomson Reuters calls for Apple to deliver $43.13 per share in earnings in 2014.

Shares of Apple were higher in pre-market trading, gaining 0.42% to $426.75.

-- Written by Chris Ciaccia in New York

>Contact by Email.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
AAPL $112.34 4.29%
FB $89.89 3.05%
GOOG $614.34 2.77%
TSLA $247.69 3.80%
YHOO $31.77 0.54%

Markets

Chart of I:DJI
DOW 16,351.38 +293.03 1.82%
S&P 500 1,948.86 +35.01 1.83%
NASDAQ 4,749.9790 +113.8740 2.46%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs