Apple Target Raised at Brigantine

Brigantine Advisors raises Apple’s (APPL) price target to $500. Brigantine’s Kevin Dede raised Apple’s fiscal first quarter target from $450 to $500. Predicting 30 million iPhone sale, Dede sees Apple beating out the competition, even with discounted older iPhones.  There is further work needed for iPad’s textbook market, although the firm thinks Apple could work in some areas.  The firm said, “…we expect Apple to drive greater feature and functionality over time.” The firm reiterated a Buy.

Here’s how Apple shares are trading ahead of earnings:

Apple Inc. (NASDAQ:AAPL): AAPL shares recently traded at $424.02, down $3.39, or 0.79%. They have traded in a 52-week range of $310.50 to $431.37. Volume today was 1,603,618 shares versus a 3-month average volume of 12,570,100 shares. The company’s trailing P/E is 15.32, while trailing earnings are $27.68 per share.