UBS analyst Steven Milunovich “on Tuesday raised his Apple (AAPL) price target $110 (from $540 to $650) and his rating (from Neutral to Buy,” Philip Elmer-DeWitt reports for Fortune. “‘While Apple’s stock has improved,’ Milunovich writes, ‘institutional ownership has not recovered. It peaked at about 73% in April 2012 and has fallen to under 64%. Our sense speaking with investors is that many are now equal or underweight Apple relative to their benchmark, which could result in new money supporting the stock.'”
P.E.D. writes, “Meanwhile, we’re left with this puzzle: If pension funds have been dumping the stock since April, how did Apple’s share price manage to climb out of a deep hole and recover all its 2013 losses?”
Read more – and see the chart – in the full article here.