Goldman Sachs Reiterates Conviction Buy of Apple Stock to $600 Target
Apple’s (NASDAQ:AAPL) Tim Cook dropped hints at a Goldman Sachs conference Tuesday that iTV could see some new developments in the near future.
Apple CEO Tim Cook was the keynote speaker at Goldman’s Technology & Internet Conference. The firm said Cook was confident on Apple’s incremental growth opportunities, emerging market growth, tablet expansion, and iPhone share gains. The firm views the presentation as a positive catalyst for shares and reiterates its Conviction Buy rating and $600 price target.
Meanwhile, Apple (NASDAQ:AAPL) became the world’s largest smartphone vendor in Q4, but will see its iPhone market share slipping for a couple of quarters as the novelty of its latest 4S model runs out, according to research firm Gartner, reports Reuters.
On another note, China’s customs authorities have told Proview Technology, the company seeking to ban all shipments of Apple’s (NASDAQ:AAPL) iPad into and out of the country, that the sheer size of the market and the popularity of the device would make it difficult to impose a ban, reported Reuters.
Because of Apple’s (NASDAQ:AAPL) enormous size, Wall Street is having a difficult time getting a big-picture view of the earnings and margins for other American corporations. As a result, some equity analysts are cutting Apple out and finding a dimmer outlook for the broader market, reports the Wall Street Journal.
Apple (NASDAQ:AAPL) is lowering the minimum amount it charges advertisers to run a campaign on its iAd mobile ad system for a second time, dropping the floor to $100K from the previous $500K threshold, according to Ad Age. Also, the company is raising the cut of ad revenues app developers will receive to 70% from 60%.
It appears that Apple (NASDAQ:AAPL) is about to be announce a Japanese language enhancement for Siri, the voice assistant on its iPhone 4S, reported 9to5 Mac, based on a leak that was discovered via Siri itself.
Apple stock is trading at $524 on trading volume of 14 million plus shares today as the tech giant’s market cap hovers $490 billion.
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