Apple (AAPL) announced its earnings results on Tuesday. The company reported $13.87 EPS for the quarter, beating the consensus estimate of $10.08 by $3.79. The company’s revenue for the quarter was up 73.3% on a year-over-year basis.
On the ratings front, analysts at Sterne Agee reiterated a “buy” rating on shares of Apple in a research note to investors on Tuesday. Analysts at Brigantine raised their price target on shares of Apple from $450.00 to $500.00 in a research note to investors on Monday. They now have a “buy” rating on the stock. Also, analysts at FBR Capital (NASDAQ: FBCM) initiated coverage on shares of Apple in a research note to investors on Friday. They set an “outperform” rating and a $500.00 price target on the stock.
Shares of Apple (AAPL) traded down 1.64% during mid-day trading on Tuesday, hitting $420.41. Apple (AAPL) has a 52 week low of $310.50 and a 52 week high of $431.37. The stock’s 50-day moving average is $405.3 and its 200-day moving average is $390.. The company has a market cap of $390.7 billion and a P/E ratio of 15.44.
Apple Inc. (Apple) along with its subsidiaries is engaged in designs, manufactures and markets mobile communication and media devices, personal computers, and portable digital music players, and sells a range of related software, services, peripherals, networking solutions, and third-party digital content and applications. The Company’s products and services include iPhone, iPad, Mac, iPod, Apple TV, a portfolio of consumer and professional software applications, the iOS and Mac OS X operating systems, iCloud, and a range of accessory, service and support offerings. It also sells and delivers digital content and applications through the iTunes Store, App Store, iBookstore, and Mac App Store.The Company sells to consumers, small and mid-sized businesses (SMB), and education, enterprise and government customers. During the year ended November 24, 2011, the Company, as part of a consortium, acquired Nortel Networks Corporation’s patent portfolio.
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