80% of Wall St. Have a 'Buy' Recommendation on Apple and Believe in the Company's bounceback in 2016
It's being reported this afternoon that while Apple (AAPL.O) has lost about $50 billion of its market value in the first four days of the year, Wall Street brokerages remained confident the stock would bounceback. While several brokerages reduced their price targets in response to reports of slowing shipments of the iPhone 6S and 6S Plus, they backed their mostly upbeat recommendations, according to Reuters.
The most bearish of the six brokerages lowering their targets on Friday was Cowen and Co, which cut its target to $125. Still, that's nearly 30 percent more than where the stock was trading on Friday.
Analysts now expect Apple to increase revenue this year by less than 4 percent on average. This is a far cry from the 28 percent achieved in the fiscal year that ended in September. Still, more than 80 percent of the analysts have a "buy" or higher recommendation on the stock.
Driving some of the optimism is the launch of iPhone 7, expected in the second half of the year.
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