“Bernstein Research analyst Toni Sacconaghi today became the latest Street analyst to trim his price target for Apple,” Eric Savitz reports for Forbes.
“While he keeps his Outperform rating, Sacconaghi trimmed his target ro $750, from $800,” Savitz reports. “He also trimmed his FY 2013 EPS forecast to $49.41 a share, from $50.57.”
Savitz reports, “He sees revenue growth of 22% for FY 2013, 15% for FY ’14 and 8% for ’15… Earnings, driven by iPhone and iPad, should grow 35% over the next two years to $60 a share. ‘In the near term, we suspect that Apple’s stock could continue to be range-bound, given worries about the company’s ability to eclipse first-quarter and full-year FY13 estimates and given questions about the trajectory of gross margin improvement,’ he writes. ‘For longer-term investors, we believe that Apple offers a compelling combination of attractive growth, reasonable price and significant future option value.'”
Read more in the full article here.
[Thanks to MacDailyNews Reader “Fred Mertz” for the heads up.]