Loop Capital Raises Outlook for Apple
Fintel data indicates a significant shift in Apple’s future trajectory. On July 15, 2024, Loop Capital upgraded Apple (NasdaqGS:AAPL) from Hold to Buy, a move that has sent reverberations across the financial landscape.
Analyst Price Forecast Shows Downside
Analysts are projecting a 5.69% downside for Apple based on an average one-year price target of $217.42/share, with forecasts ranging from $165.64 to $288.75. This implies a decrease from the latest reported closing price of $230.54/share.
Revenue Projections and Non-GAAP EPS
The projected annual revenue for Apple shows a robust 14.43% increase, totaling 436,698MM, while the non-GAAP EPS is forecasted at 6.93.
Sentiment Shift Among Funds
Amidst the upgrades, a total of 6,920 funds or institutions are reporting positions in Apple, marking a 1.38% increase in the last quarter. The average portfolio weight dedicated to AAPL has surged by 16.19%, with total shares owned by institutions posting a 2.09% decrease to 9,872,851K shares.
Major Shareholders’ Actions
Several significant shareholders, including Berkshire Hathaway and Vanguard, have made strategic adjustments to their holdings in AAPL, signaling a mix of increases and decreases in their portfolio allocations over the last quarter.
Apple’s Historical Standing
Apple Inc., a tech heavyweight, has a storied history that dates back to its founding in 1976. The company’s product offerings span hardware, software, and services, solidifying its position among the top players in the industry alongside Amazon, Google, Microsoft, and Facebook.
