Apple Recap: an Upgrade, an Update, and Cook’s Prediction Rings True
Shares of Apple’s (NASDAQ:AAPL) stock edged down slightly on Tuesday, closing down $1.54, or 0.31 percent, at $489.10. That decline compares against Monday’s nearly 5 percent jump. Here’s a cheat sheet to today’s top Apple stories:
Despite low analyst expectations, it’s safe to say that Apple’s newest iPhone roll-out was a successful one. The company announced Monday that it sold nine million smartphones within the first few days of its new iPhone 5S and iPhone 5C launch, and now many analysts are subsequently adjusting their Apple expectations.
According to Street Insider, Susquehanna is one of them. The firm upgraded its Apple rating from Neutral to Positive on Tuesday, upping its price target to $625.00. It also increased its September-quarter iPhone unit assumption from 29 mln to 30 mln, and raised C3Q revenue to $36.8 bln and EPS to $7.91. This reflects a significant improvement from Susquehanna’s earlier forecast modeling revenue of $35.6 bln and EPS of $7.45, and the firm isn’t shy about the changes… (Read more.)