Apple (AAPL) Shares Jump on Piper Jaffray Recommendation


Shares of Apple Inc. (AAPL) are up $2.16, or 2.28%, at $98.50, bouncing back from a marginal drop at the end of yesterday’s session following a recent comment from Piper Jaffray’s Gene Munster recommending that investors buy shares of the tech giant before next week’s quarterly earnings results. Munster notes that AAPL could jump more than 50% going into the iPhone 7 launch, which he expects to come later in 2016.

On valuation measures, Apple Inc. shares are priced at 10.44x this year’s forecasted earnings, compared to the industry’s 7.89x earnings multiple. The company’s current year and next year EPS growth estimates stand at 3.10% and 9.80%, respectively. AAPL has a t-12 price-to-sales ratio of 2.31. EPS for the same period registers at $9.22.

Apple shares have declined 9.18% in the last 4 weeks and 14.99% in the past three months. Over the past 5 trading sessions the stock has lost 1.12%. The Cupertino, California-based company, which is currently valued at $533.93 billion, has a median Wall Street price target of $143.00 with a high target of $200.00.

Apple Inc. is down 10.60% year-over-year, compared with a 8.91% loss in the S&P 500.

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