Apple (AAPL) shares gained roughly 0.5% in late morning trading along with the broader market, despite a price target cut at Canaccord Genuity. While the firm maintained a ‘Buy’ rating, it lowered its AAPL target to $120 from $130, noting a lower replacement iPhone rate through September as consumers delay upgrading their devices ahead of the anticipated iPhone 7 launch. The firm however, anticipates recovering sales with the iPhone 7 launch.
Canaccord’s price target cut on Apple to $120, represents a 25% upside from its current trading price.
AAPL is up $0.12 at $95.67 on normal daily volume. Midway through trading Thursday, more than 14.5 million shares of Apple Inc. have exchanged hands as compared to its average daily volume of 37.42 million shares. The stock has ranged intraday in a price between $92.72 to $96.09 after having opened at $96.
In the past 52 weeks, shares of Cupertino, CA-based tech giant have traded between a low of $89.47 and a high of $132.97.
Shares are down 23.24% year-over-year, and 8.18% year-to-date. AAPL is down 28% from the 52-week-high it reached on July, 20, 2015.