Rosenblatt Securities Maintains a Sell Rating on Apple Inc (AAPL)

Rosenblatt Securities analyst Jun Zhang maintained a Sell rating on Apple Inc (AAPLResearch Report) today and set a price target of $150. The company’s shares closed last Monday at $216.70.

Zhang commented:

“We believe the launch of three new iPhones at the same time will make Q3 shipments to Apple slightly stronger than seasonally normal; however, we think this has already been reflected in Apple’s C3Q19 guidance. Our estimates for iPhone 11/Pro/Pro Max shipments remain unchanged at 60-65 million units for the second half of 2019. We expect current production may need to be trimmed after the initial launch of the three new iPhones. In addition, we believe it is difficult to compare pre-orders for this series launch with pre-orders for the iPhone X series launch last year due to Apple launching the iPhone X series one month later (October) last year. We will track pre-order data over this weekend.”

According to TipRanks.com, Zhang is a 4-star analyst with an average return of 5.1% and a 60.0% success rate. Zhang covers the Consumer Goods sector, focusing on stocks such as Applied Optoelectronics, Lumentum Holdings, and Viavi Solutions.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Apple Inc with a $223.52 average price target, which is a 4.5% upside from current levels. In a report released yesterday, New Street also maintained a Sell rating on the stock with a $155 price target.

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Based on Apple Inc’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $53.74 billion and net profit of $10.04 billion. In comparison, last year the company earned revenue of $53.43 billion and had a net profit of $11.52 billion.

Based on the recent corporate insider activity of 35 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. Last month, Arthur Levinson, a Director at AAPL sold 17,500 shares for a total of $3,529,575.

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.