“Here’s one measure of how Wall Street feels about Apple right now,” Philip Elmer-DeWitt reports for Fortune.
“Three weeks ago, before the company’s 7:1 stock split, we collected price targets from 42 Apple analysts. At that time, their average 12-month target was $651 — or $93 in post-split dollars,” P.E.D. reports. “Since the split, we’ve heard from 17 of those analysts, many of whom took the opportunity to make some adjustments.”
P.E.D. reports, “Result: A new average price target of $101 a share — up nearly 9%.”
Read more in the full article here.
[Thanks to MacDailyNews Reader “Dan K.” for the heads up.]
Better. But, still to low.
I agree. Still “TOO” low.
This is more an indication of why Apple decided to do a stock split at this particular time, instead of a year or two ago (or not at all). Apple’s decision to do it now means significant announcements upcoming, and a sense of short-term (and long-term) confidence from Apple’s leadership.
The stock split was an “indicator,” not the reason for analysts raising their targets. The fact that many of them did it AFTER the split, when they all knew the about the split weeks in advance, is an “indicator” that many of them are kind of worthless.
Now that’s a good indicator!