Goldman Sachs Weighs in on Apple (AAPL) Dividend/Buyback, Boosts Price Target to $700
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Price: $187.43 +0.62%
Rating Summary:
41 Buy, 25 Hold, 6 Sell
Rating Trend:
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Today's Overall Ratings:
Up: 20 | Down: 16 | New: 33
Rating Summary:
41 Buy, 25 Hold, 6 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 20 | Down: 16 | New: 33
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Goldman Sachs reiterated its Conviction Buy List rating on Apple (NASDAQ: AAPL) and raised their price target from $660 to $700 following the announcement of a dividend and a share buyback.
"While the dividend was essentially in line with expectations, we view the share buyback authorization as an incremental positive," the analyst said.
Goldman also noted that at the conference call this morning, Apple’s management "appeared very willing to consider steady increases in the dividend and share repurchase rate over time."
Today's announcement coupled with other positive catalysts through the year should continue to lift the stock higher, the firm said.
Goldman's EPS estimate of $42.52 in FY2012 is unchanged, but they modestly raise forecast for FY2013 and FY2014 to $50.57 and $57.90 from $50.29 and $57.14 previously.
For an analyst ratings summary and ratings history on Apple click here. For more ratings news on Apple click here.
Shares of Apple closed at $585.57 yesterday.
"While the dividend was essentially in line with expectations, we view the share buyback authorization as an incremental positive," the analyst said.
Goldman also noted that at the conference call this morning, Apple’s management "appeared very willing to consider steady increases in the dividend and share repurchase rate over time."
Today's announcement coupled with other positive catalysts through the year should continue to lift the stock higher, the firm said.
Goldman's EPS estimate of $42.52 in FY2012 is unchanged, but they modestly raise forecast for FY2013 and FY2014 to $50.57 and $57.90 from $50.29 and $57.14 previously.
For an analyst ratings summary and ratings history on Apple click here. For more ratings news on Apple click here.
Shares of Apple closed at $585.57 yesterday.
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