Analysts on Apple: Good and Bad News
Apple (NASDAQ:AAPL) headed above $570 this past trading week after starting the week at $560.01. However, thanks in part to China Mobile’s (NYSE:CHL) denial that a distribution deal with Apple had been reached, the iPhone maker closed the week on Friday at virtually the same level that it started the week at: $560.02. Like the markets, analysts gave some similarly mixed signals about Apple this week with various differing perspectives on Apple’s shares.
On Friday, Citigroup analyst Glen Yeung took a somewhat negative, albeit mixed, perspective on Apple. “Our most recent work suggests Apple may have modestly lowered production forecasts for 1Q14,” wrote the analyst in a note obtained by Barron’s. For this reason, Yeung believes “downward pressure on Apple shares is likely in 1Q14.” On the other hand, Yeung actually raised his price target on Apple from $530 to $580, although he also has a “Neutral” rating on the stock.
Raymond James analyst Tavis McCourt also took a mildly negative perspective on Apple based on his surveys of iPhone sales at various U.S. retail locations, as well as the latest data from market analyst company Kantar Worldpanel. In a note obtained by Barron’s, McCourt observed that Apple’s share of the smartphone market “has seen its typical seasonal uptick with the iPhone 5S launch across the world, but y/y share trends, though strong in the U.S., remain underwhelming for Apple globally.”