Apple's Stock Edges Higher Ahead Of Results; Analysts Have Cut Estimates But Raised Price Targets

By Tomi Kilgore Markets MarketWatch Pulse

Apple Inc.'s stock rose 0.3% in premarket trade Tuesday, as investors prep for the technology giant's fiscal third-quarter results due out after the close. The stock had declined 3.1% the past three sessions. Although Wall Street analysts have cut their expectations for profit and sales since Apple's second quarter ended, they have also lifted their stock price targets. The FactSet consensus for earnings per share has declined to $1.57 from $1.62 as of March 31, while the total revenue consensus has declined to $44.89 billion from $45.62 billion and the iPhone sales estimate has fallen to $25.52 billion from $26.42 billion. Meanwhile, the average price target of the 44 analysts surveyed by FactSet has increased by 7.8% to $163.20 from $151.39 at the end of March. Over that time, Apple's stock has gained 3.5%, while the Nasdaq Composite has climbed 7.4% and the Dow Jones Industrial Average has advanced 5.9%.

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