Apple Gets a Hold Rating from Oppenheimer

By Jason Carr

In a report released yesterday, Andrew Uerkwitz from Oppenheimer reiterated a Hold rating on Apple (NASDAQ: AAPL). The company’s shares closed yesterday at $153.99, close to its 52-week high of $156.65.

Uerkwitz commented:

“We recently conducted a series of company meetings in China and Taiwan that focused on the smartphone supply chain. There was general consensus among our conversations that confirms our thesis that Apple’s dwindling market share in Greater China is due to the lack of compelling differentiation among hardware and software. The mobile user experience in China is heavily dictated by Tencent and other local Internet companies, making Apple’s software and services ineffective as key differentiators. That said, we do believe there is pent-up demand for iPhone 8, which is widely reported to make a few major design changes. We expect a temporary rebound in share.”

According to TipRanks.com, Uerkwitz is a 4-star analyst with an average return of 7.3% and a 53.7% success rate. Uerkwitz covers the Technology sector, focusing on stocks such as Activision Blizzard, Tower Semiconductor, and Himax Technologies.

Currently, the analyst consensus on Apple is Strong Buy and the average price target is $163.79, representing a 6.4% upside.

In a report issued on May 17, Wells Fargo also maintained a Hold rating on the stock with a $140 price target.

The company has a one year high of $156.65 and a one year low of $91.50. Currently, Apple has an average volume of 24.95M.

Based on the recent corporate insider activity of 83 insiders, corporate insider sentiment is negative on the stock. Earlier this month, Arthur Levinson, a Director at AAPL sold 35,000 shares for a total of $5,385,800.

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