47 Analysts Cover Apple. Their Average Price Target Is Now Below the Stock Price, One Week Before Earnings.
Wall Street still rates the iPhone maker a buy. Its own numbers say the stock has already arrived.
Overview
Something odd has happened to Apple (NASDAQ: AAPL) on Wall Street. The 47 analysts covering the stock still rate it a buy, on average. But their average 12-month price target is now about $319 -- slightly below the roughly $320 the stock trades for as of this writing. In other words, the analysts who recommend buying Apple are, collectively, forecasting that it goes nowhere for a year.
That's an unusual setup for one of the world's most valuable tech companies, and the timing sharpens it. Apple reports fiscal third-quarter results on July 30, one week from today.
Details
So is Wall Street quietly saying the stock is fully valued? Or have the targets simply not caught up with a stock that has moved faster than the models tracking it? A little of both, I'd argue.
Source
Originally published at www.fool.com.