After numerous price target cuts over the past four months, analysts at Barclays are now reversing course. The analysts raised the price target on tech giant Apple Inc. (AAPL) on Monday.
The analysts maintain an “Overweight” rating on AAPL and now see shares reaching $525, up from the previous target of $465. The new price target suggests a 17% upside to Friday’s closing price of $449.98.
Barclays analyst Ben Reitzes believes that Apple can hit $500 in no time.
“Even with the recent rally, we believe that shares are underappreciated and we detect a high amount of investor apathy still for the name – with many investors believing that the new product cycle will not matter,” said Reitzes.
Furthermore, Reitzes believes the company has the ability to wow investors with its product launches later in the year.
Apple shares were up $9.56, or +2.08%, during morning trading on Monday. The stock is down -13.58% year-to-date.
The Bottom Line
Shares of Apple (AAPL) have a dividend yield of 2.65% based on Monday’s intraday trading price of $459.54 and the company’s annualized dividend payout of $12.20.
Apple Inc. (AAPL) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.