Apple (AAPL) Stock Up as Pacific Crest Drops Price Target
NEW YORK (TheStreet) -- Shares of Apple (AAPL) - Get Report are up 0.56% to $97.22 in premarket trade despite Pacific Crest lowering its price target on the stock to $121 from $123 in an analyst note released this morning.
The firm has an "overweight" rating on shares of the Cupertino, CA technology company, saying the risk and reward is still "favorable."
Analysts noted that check-ins with iPhone suppliers in Taiwan brought reports that iPhone 7 and 7+ sales in the second half of 2016 could be down 20% from comparable sales on the 6S and 6S+ models.
"We are slightly reducing our iPhone and Mac unit estimates to account for a potential slowdown in European consumer spending," Pacific Crest added.
While recent investor sentiment on the company has been overwhelmingly negative, Pacific Crest said that their analysts believe Apple will report in-line fiscal third-quarter results and positive fiscal fourth-quarter guidance.
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Separately, TheStreet Ratings rated this stock as a "buy" with a ratings score of B.
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. TheStreet Ratings feels its strengths outweigh the fact that the company shows weak operating cash flow.
You can view the full analysis from the report here: AAPL
Recently, 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.