On September 14, 2023, The Goldman Sachs Group released a research report that lowered the price target for Apple (NASDAQ:AAPL) from $222.00 to $216.00. This news was reported by Briefing.com and has caught the attention of investors and clients alike. Despite the lower price target, The Goldman Sachs Group still maintains a “buy” rating on Apple’s stock, indicating potential growth in the future.
The revised price target suggests a potential upside of 23.53% from the stock’s previous close. As of mid-day trading on Wednesday, Apple’s shares were down$1.44 at $174.86. The trading volume for the day was 26,499,065 shares, slightly lower than its average volume of 60,900,273 shares. It is noteworthy to mention that Apple has experienced a range of prices in the past year, hitting a low of $124.17 and a high of $198.23.
Apple currently holds an impressive market cap of $2.73 trillion and has a price-to-earnings (PE) ratio of 29.40 and a price-to-earnings-growth (PEG) ratio of 2.59. These figures indicate that the company is valued higher relative to its earnings and future growth potential compared to industry peers.
In terms of financial health, Apple’s debt-to-equity ratio stands at 1.63 with a current ratio of 0.98 and a quick ratio of 0.92. These ratios suggest that the company may have manageable levels of debt but could potentially face liquidity challenges due to its current assets not being sufficient to cover short-term obligations.
Tracking the performance over time reveals that Apple has shown stability in its moving averages – a fifty-day simple moving average (SMA) of $185.67 and a two-hundred-day SMA of $175.05.
Although the price target for Apple has been lowered, it is essential to consider the position of large investors in the company. Atlantic Private Wealth LLC recently acquired a new position worth approximately $30,000 in Apple during the first quarter. St. James Investment Advisors LLC increased its stake in the company by 98.3% during the fourth quarter and now holds 236 shares valued at around $31,000.
Moreover, Summit Wealth Group LLC exponentially raised its holdings by 16,252.3% during the first quarter to bring their total holding of Apple shares to 6,992,420 shares worth roughly $42,000. HBC Financial Services PLLC also increased its holdings by 21.7% during the same period and currently owns 448 shares with an estimated value of $49,000.
In conclusion, despite The Goldman Sachs Group’s downward revision of Apple’s price target from $222.00 to $216.00, they have maintained a “buy” rating on the iPhone maker’s stock. Although Apple’s share price experienced a dip on Wednesday and has fluctuated between a twelve-month low and high over recent months, it possesses a substantial market cap of $2.73 trillion.
Financial figures like the PE ratio and PEG ratio suggest that Apple may be valued higher relative to its earnings and future growth compared to competitors. Furthermore, while some financial ratios indicate manageable debt levels but potential liquidity challenges in meeting short-term obligations.
Additionally, large investors seem confident in their positions in Apple stock, as seen through recent acquisitions or increases in holdings by financial entities such as Atlantic Private Wealth LLC and St. James Investment Advisors LLC.
It is important to note that these comments are based on past performance results from August 3rd when Apple last reported its earnings results for that specific period and analyst expectations for future performance where equities research analysts predict Apple will report EPS of 6.05 for this fiscal year.
Investors and clients will continue to monitor Apple’s performance closely as they make decisions regarding their investment positions in the renowned technology company.
Updated on: 15/09/2023
10:00 PM (UTC)
Date:15 September, 2023
|Analyst / firm||Rating|
| Samik Chatterjee
| Erik W Woodring
| Aaron Rakers
| Toni Sacconaghi
| Barton Crockett
Analysts’ Opinions Vary on Apple Inc.’s Stock Performance and Valuation
Apple Inc. (AAPL) has recently been the subject of several reports, which have shed light on the company’s current standing in the market. These reports provide valuable insights into the target price and rating for Apple’s stock by various financial institutions.
One of these reports comes from JPMorgan Chase & Co., which reduced their target price on Apple from $235.00 to $230.00. Despite this reduction, they maintained an “overweight” rating for the company. This indicates that JPMorgan Chase & Co. believes that Apple’s stock has the potential to outperform in the market.
Deutsche Bank Aktiengesellschaft also released a report on Apple, in which they increased their price target from $180.00 to $210.00 and gave the stock a “buy” rating. This suggests that Deutsche Bank Aktiengesellschaft sees potential growth in Apple’s stock and considers it a good investment opportunity.
Similarly, TD Cowen issued a report in which they raised their price target on Apple from $195.00 to $220.00 and assigned an “outperform” rating to the stock. This implies that TD Cowen expects Apple’s stock performance to surpass market expectations.
However, Loop Capital took a different stance on Apple’s stock, downgrading their rating from “buy” to “hold” and setting a target price of $180.00. Loop Capital’s skepticism may indicate concerns about Apple’s future prospects or uncertainties surrounding its business operations.
On the other hand, Fundamental Research maintained a positive outlook on Apple, setting a target price of $183.86 and giving the company a “buy” rating in their research note.
Overall, analysts’ opinions are mixed regarding Apple’s future performance and valuation; however, 26 out of 36 research analysts have given it a buy rating while 10 have rated it as hold.