Apple (AAPL) PT Cut $20 to $120 at Stifel Post Q1
Stifel analyst Aaron Rakers reiterated a Buy rating on Apple (NASDAQ: AAPL) but lowered his price target to $120.00 (from $140.00) following Q1 results after the close.
Rakers commented: "Investors are now left to balance Apple’s weaker F2Q16 (Mar ’16 – see below) outlook against already deflated expectations (note: we view iPhone outlook as in-line w/ our previously reported low-50M est.; better than our belief that sentiment could have declined into the mid-40M range) and a current valuation at 11x P/E on our updated C2017 EPS estimate of $10.02 (prior street: $10.47/sh.); trading at ~5.1x EV/EBITDA and 6.3x trailing EV/FCF (16% yield). We adjust our F2016 and F2017 from $236.5B / $9.33 and $266.6B / $10.75 to $223.5B / $8.87 and $235.1B / $9.71, respectively (prior street: $236.5B / $9.47 and $250.3B / $10.35)."
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Shares of Apple closed at $99.99 yesterday.