Canaccord Genuity Believes Apple (NASDAQ: AAPL) Still Has Room to Grow

By Austin Angelo

In a report released yesterday, Michael Walkley from Canaccord Genuity maintained a Buy rating on Apple (AAPLResearch Report), with a price target of $444.00. The company’s shares closed last Wednesday at $390.90, close to its 52-week high of $399.82.

According to TipRanks.com, Walkley is a top 100 analyst with an average return of 19.7% and a 66.8% success rate. Walkley covers the Technology sector, focusing on stocks such as Telefonaktiebolaget LM Ericsson, SailPoint Technologies Holdings, and Sequans Communications S A.

Currently, the analyst consensus on Apple is a Strong Buy with an average price target of $363.57, implying a -8.2% downside from current levels. In a report issued on July 7, Raymond James also maintained a Buy rating on the stock with a $400.00 price target.

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Based on Apple’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $58.31 billion and net profit of $11.25 billion. In comparison, last year the company earned revenue of $58.02 billion and had a net profit of $11.56 billion.

Based on the recent corporate insider activity of 37 insiders, corporate insider sentiment is neutral on the stock.

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Apple, Inc. engages in the design, manufacture, and sale of smartphones, personal computers, tablets, wearables and accessories, and other variety of related services. It operates through the following geographical segments: Americas, Europe, Greater China, Japan, and Rest of Asia Pacific. The Americas segment includes North and South America. The Europe segment consists of European countries, as well as India, the Middle East, and Africa. The Greater China segment comprises of China, Hong Kong, and Taiwan. The Rest of Asia Pacific segment includes Australia and Asian countries. Its products and services include iPhone, Mac, iPad, AirPods, Apple TV, Apple Watch, Beats products, Apple Care, iCloud, digital content stores, streaming, and licensing services. The company was founded by Steven Paul Jobs, Ronald Gerald Wayne, and Stephen G. Wozniak on April 1, 1976 and is headquartered in Cupertino, CA.