Apple (NASDAQ:AAPL): Citigroup says that it is “not enthusiastic” about the prospects for Apple’s new iPhones due to “disappointing innovation and high price.” Citi estimates iPhone5C pre-order units to be around 2.2 million, including China and Hong Kong, compared to iPhone 5 pre-orders of 2 million-plus. The firm notes that this is the first time China and Hong Kong, as well as Japan’s NTT DoCoMo, are part of the first phase of release. Citi estimates iPhone 5C and iPhone 5S sales for the upcoming first retail weekend to be around 7.75 million, compared to 7 million-plus for iPhone5. The firm has a Hold rating on Apple shares with a $430 price target.
Cummins (NYSE:CMI): Wells Fargo estimates that Cummins’s revenue and EBIT forecasts, presented at its analyst day meeting, imply a 2015 EPS of $10-$13. Wells views the updated targets for 2015 and 2018 as neutral for Cummins and maintains its Market Perform rating on the shares.
Apache (NYSE:APA): Oppenheimer upgraded Apache to Outperform from Perform with a $100 price target, citing the company’s Egyptian divestiture and valuation.
Comerica (NYSE:CMA): Goldman upgraded Comerica to Neutral from Sell due to leverage to rising interest rates, but the firm notes that the near-term environment remains challenging. The shares’ price target has been raised to $42 from $38.