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Everyone Upgrades Apple

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By Douglas A. McIntyre Published
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A number of Wall St. firms took the risk of raising price targets for Apple (AAPL). The company did have a break-out quarter, but iPod sales are slowing and the PC and consumer electronics company guided below Wall St. forecasts for the next quarter. And the  options backdating issue is not resolved.

UBS upped its price target from $118 to $124. Piper Jaffray moved theirs from $99 to $124. Prudential moved theirs up from $90 to $100 (odd, since Apple already trades close to the higher end of that range). Bear Stearns moved its number to $130 from $125. Goldman upped from $102 to $110.

The range of price targets from these firms now runs from $100 to $125. Not a lot of comfort in such a large spread. If Apple is right about downplaying its next quarter, the forecasts are all way, way too high.

Douglas A. McIntyre can be reached at [email protected]. He does not own securities in companies the he writes about.

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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