Analyst Aaron Rakers from Wells Fargo maintained a Buy rating on Apple and keeping the price target at $245.00.
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Aaron Rakers has given his Buy rating due to a combination of factors that suggest a positive outlook for Apple’s stock. One of the key reasons is the improving smartphone upgrade environment, as indicated by the recent performance of major carriers like AT&T and Verizon. These companies reported significant increases in postpaid subscriber upgrades, which is a favorable sign for Apple’s market share in the smartphone industry.
Additionally, the increase in wireless equipment sales by these carriers suggests a robust demand for new devices, which could benefit Apple given its substantial share of smartphone shipments in the US. Despite a decline in US smartphone imports, the overall market conditions and Apple’s strong position within it provide a compelling case for a Buy rating. These factors collectively highlight the potential for growth and stability in Apple’s stock performance.
In another report released yesterday, Monness also maintained a Buy rating on the stock with a $245.00 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.