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Upgrade Alert for Apple (AAPL)

By Amy Schwartz

Apple (NASDAQ:AAPL) was upgraded from Market Perform to Outperform at Raymond James today. The stock closed yesterday at $102.95 on volume of 90.9 million shares, above average daily volume of 39.5 million.

Over the past year, Apple has traded in a range of $89.47 to $132.97 and closed yesterday at $102.95, 15% above that low. The 200-day and 50-day moving averages have moved 0.66% lower and 0.14% lower over the past week, respectively.

Potential upside of 42.7% exists for Apple, based on a current level of $102.95 and analysts' average consensus price target of $146.95. The stock should find initial resistance at its 50-day moving average (MA) of $104.04 and further resistance at its 200-day MA of $108.75.

Apple Inc. designs, manufactures, and markets personal computers and related personal computing and mobile communication devices along with a variety of related software, services, peripherals, and networking solutions. The Company sells its products worldwide through its online stores, its retail stores, its direct sales force, third-party wholesalers, and resellers.

SmarTrend is monitoring the recent change of momentum in Apple. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Apple in search of a potential trend change.

Keywords: analyst upgrades/downgrades Apple

Ticker(s): AAPL