Investment bank Barclays on Friday cut its price target on Apple (AAPL) stock for the third time in as many months ahead of the company’s June-quarter earnings report.
Barclays analyst Mark Moskowitz reiterated his overweight rating on Apple but trimmed his price target to 115 from 121. Apple was flat, near 99, in afternoon trading on the stock market today. Apple is scheduled to report fiscal third-quarter results on July 26.
“This is the third consecutive pre-earnings cut, which is becoming tedious,” Moskowitz said in a report. “The magnitude of the cut is a little bigger than the prior two. However, we think the stock could work after any post-earnings weakness, as the lead up to the iPhone 7 launch is not too far away.”
IBD’S TAKE: Apple has been a laggard on the stock market of late. The consumer electronics manufacturer has an IBD Composite Rating of 27, which puts it in the lower third of publicly traded companies in key metrics. More information on Apple is available on the IBD Stock Checkup page.
Moskowitz expects calendar 2017 to mark the start of a “mega (upgrade) cycle” with the iPhone 8 and its Read Full Article
Source: Technology – IBD