Apple Recap: Dropped Target, Silicon Valley Showdown, a Poor Initiative
From the seemingly mixed bag of analyst commentary that has circulated this week, Apple (NASDAQ:AAPL) seems to have pulled out a win, at least on the stock chart; because many analysts still fear that the iPhone is stumbling and the company has little in its pipeline with which to replace it. Shares of the iPhone maker ended the week solidly in the green with a gain of $11.94, or 2.77 percent, for the five-day period. Friday, in particular, was a good day for the company; the stock etched out an increase of $11.16, or 2.58 percent, to end the week at $443.66. Here’s a cheat sheet to today’s top Apple stories:
Using information based on what he’s heard from inside Apple’s supply chain, an analyst with Sterne Agee wrote a note to investors, explaining that rumors indicate orders for the iPhone 5 may be cut, and the company might downsize its production operations as a result.
Apple Insider reported that reduced build plans correspond with evidence of a forthcoming iPhone 5S, as well as a low-cost iPhone made out of an alternative to the aluminum body used currently. Analyst Shaw Wu believes that Apple will hit the lower end of its projections for the current quarter, which is a more optimistic position as other analysts believe the company will miss its guidance all together.
Accordingly, Sterne Agee brought its target down from $715 to $630, which also takes into account Apple’s stock plummet of about 40 percent from the 52 week high… (Read more.)