In a report released on July 31, William Power from Robert W. Baird maintained a Buy rating on Apple, with a price target of $230.00.
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William Power has given his Buy rating due to a combination of factors, primarily driven by Apple’s strong financial performance and growth prospects. The company reported impressive third-quarter results with a notable 9.6% year-over-year revenue growth, largely fueled by iPhone sales exceeding expectations. This robust performance is further supported by a record number of active devices and an encouraging forecast for the next quarter, with revenue expected to grow in the mid-to-high single digits.
Additionally, Apple’s services segment showed significant strength, with revenue surpassing estimates and growing by 13.3% year-over-year. The company’s strategic investments in AI, including the release of new Apple Intelligence features and plans for an enhanced Siri, present long-term growth opportunities. Furthermore, Apple’s strong balance sheet, with substantial cash reserves and shareholder returns, alongside its valuation metrics, supports the Buy rating, as it trades at a premium compared to the broader market.
In another report released yesterday, D.A. Davidson also maintained a Buy rating on the stock with a $250.00 price target.
Based on the recent corporate insider activity of 38 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of AAPL in relation to earlier this year.