Analyst Explains Why They Upgraded Their Rating on Apple (AAPL)

In a report released yesterday, Michael Walkley from Canaccord Genuity upgraded Apple (AAPLResearch Report) to Buy, with a price target of $355.00. The company’s shares closed last Monday at $312.68, close to its 52-week high of $317.57.

According to TipRanks.com, Walkley is a top 100 analyst with an average return of 19.7% and a 67.9% success rate. Walkley covers the Consumer Goods sector, focusing on stocks such as Telefonaktiebolaget LM Ericsson, Sequans Communications S A, and Digi International.

Apple has an analyst consensus of Moderate Buy, with a price target consensus of $288.83, implying a -8.8% downside from current levels. In a report issued on December 30, Wedbush also maintained a Buy rating on the stock with a $350.00 price target.

See today’s analyst top recommended stocks >>

Apple’s market cap is currently $1370.8B and has a P/E ratio of 26.38. The company has a Price to Book ratio of 15.35.

Based on the recent corporate insider activity of 37 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of AAPL in relation to earlier this year. Most recently, in November 2019, Arthur Levinson, a Director at AAPL sold 37,394 shares for a total of $9,639,799.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.