Apple's Price Target Hiked, Wells Fargo's Cut, GE Downgraded – Investor's Business Daily

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Analyst actions on Friday included price target changes for Apple (AAPL), Wells Fargo (WFC) and Macy’s (M), and a downgrade for General Electric (GE).


BofA/Merrill Lynch raised its price target for the iPhone maker to 180 from 155, while keeping a buy rating on the Dow Jones industrial average component.

Analyst Wamsi Mohan says Apple’s total addressable market has significantly expanded because of its health care applications, including health monitoring, and a premium automotive market of $700 billion. With its massive amount of cash on hand, Apple “can easily enter most markets through M&A,” Mohan wrote, while bumping up Apple’s 2019 EPS estimate to $12.54 from $12.06.

Shares of Apple rose 0.7% to 155 in early trading on the stock market today.

General Electric

Deutsche Bank downgraded the Dow component to sell from hold, cutting its price target on the industrial conglomerate to 24 from 28. Analyst John Inch cited “weak earnings quality” that’s reflected in a wide gap between noncash and cash earnings. He sees pension underfunding and ultra low tax rates as earnings hurdles.

Shares of GE slipped 186% to 28.34 just after the open.

Wells Fargo

Evercore ISI lowered its price target for the banking giant to 58 from 60, keeping an outperform rating, after Wells Fargo’s investor day. The company outlined plans for an additional $2 billion in cost savings but issued lukewarm guidance for 2017 net interest income growth in the low-to-mid single digit percentage range as Wells tries to put last year’s account-opening scandal behind it.

Shares of Wells dipped 0.8% to 53.25 early Friday.

IBD’S TAKE: Doubts are growing on Wall Street about President Trump’s ability to push through corporate tax cuts and infrastructure spending, but financial deregulation is one big payoff that investors can count on.


Citi cut its price target for the department store chain to 23 from 30, keeping a neutral rating, after the company’s Q1 earnings that “stood out as extremely weak” amid a host of lousy retail reports.

Shares of Macy’s rose 0.3% to 24.42. Macy’s sank 17% to 24.35 on Thursday.


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