3 Tech Titans Making Noise: Apple Hits 50 Billion, Cisco Outperforms, and Google Excites Investors at I/O
Apple (NASDAQ:AAPL): Apple has officially reached the 50 billion app milestone, which it passed on Wednesday, just over a year after the company announced its 25 billion landmark — a strong testament to the exponential rise and nature of the mobile app market. In an unrelated note, Susquehanna has initiated coverage of Apple, with a Hold rating and a $480 price target, on the basis that a larger-screened iPhone is key to the company’s continued mobile leadership.
Cisco Systems (NASDAQ:CSCO): Shares of Cisco are racing after the company posted quarterly results that beat expectations, both in earnings and revenue. Product sales (78 percent of revenue) rose 5 percent year-over-year, while service sales saw an increase of 7 percent. CEO John Chambers says the networking giant is seeing a “slow, but steady economic environment.”
Google (NASDAQ:GOOG): RW Baird has raised its price target on Google from $830 to $1,025, after the company’s performance at the Google I/O conference. The firm thinks Chrome continues to gain momentum, and that yesterday’s event highlighted Google’s technology advantages. It keeps an Outperform rating on the name.
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