Rosenblatt Securities Maintains a Buy Rating on Apple (AAPL)

By Jason Carr

Rosenblatt Securities analyst Jun Zhang maintained a Buy rating on Apple (NASDAQ: AAPL) yesterday and set a price target of $200. The company’s shares closed yesterday at $212.24.

Zhang wrote:

“We believe this equates to ~6-7% of total new model production in the second half of 2018. We recently trimmed our iPhone XR shipment forecasts by 3 million units due to weak preorders. We are trimming our XR shipment estimates by another 2 million units and trimming our XS shipment estimates by 1 million units. After tracking sell -through data from various retail channels, we believe initial iPhone XR sales are weaker than we expected and weaker than XS/XS Max sales. We estimate global first weekend sales of the iPhone XR to be ~9 million units, 1 million units lower than sales of the the first weekend. Compared to the iPhone 8/8Plus, we believe XR sales are better, although the 8Plus faced some constraints and a smaller sell-through base.”

According to TipRanks.com, Zhang is a 3-star analyst with an average return of 2.8% and a 56.4% success rate. Zhang covers the Consumer Goods sector, focusing on stocks such as Applied Optoelectronics, Viavi Solutions, and Synaptics Inc.

Apple has an analyst consensus of Moderate Buy, with a price target consensus of $242.80, which is a 14.4% upside from current levels. In a report issued on October 18, Wedbush also initiated coverage with a Buy rating on the stock with a $310 price target.

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The company has a one-year high of $233.47 and a one-year low of $150.24. Currently, Apple has an average volume of 32.73M.

Based on the recent corporate insider activity of 59 insiders, corporate insider sentiment is negative on the stock. Most recently, in August 2018, Arthur Levinson, a Director at AAPL sold 35,000 shares for a total of $7,236,000.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.