Apple (AAPL) Stock Price Target Cut at Barclays

Apple's (AAPL) stock price target was reduced to $115 from $121 at Barclays on Friday afternoon.
By Annie Palmer ,

NEW YORK (TheStreet) -- Apple (AAPL) - Get Report  stock price target was lowered to $115 from $121 at Barclays on Friday afternoon. The firm maintained its "overweight" rating on the shares.

The cut stemmed from meager supply chain growth and predictions for "tenuous" end market conditions, Barclays said in an analysts note. 

"While we think the stock has largely adjusted for a marginal cycle at best with IP7 later this year, there could be near-term temporary pressure on the stock as consensus estimates likely reset one more time lower this month," the firm said. 

Apple stock could recover from any post-earnings hits when the iPhone 7 launches this fall, Barclays noted, according to Barron's.

Shares of Apple slipped 0.15% to $98.64 in mid-afternoon trading on Friday. 

Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:

We rate APPLE INC as a Buy with a ratings score of B. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, notable return on equity and expanding profit margins. We feel its strengths outweigh the fact that the company shows weak operating cash flow.

You can view the full analysis from the report here: AAPL

AAPL

data by

YCharts

Loading ...