Bank of America Raises PT on Apple; Tech ETFs Fall
By Market News Video Staff, Friday, October 8, 11:00 AM ET
This morning, Bank of America raised its price target on shares of Apple (NASDAQ:AAPL) from $360 up to $400 as iPhone and iPad sales are expected to acccelerate into the holiday season. Furthermore, the firm believes gross margins on the two product lines are increasing and this should flow directly to the bottom line.
While Apple shares are higher today, the price movement has not been enough to buoy shares of the Technology Select Sector SPDR Fund (AMEX:XLK), the iShares Dow Jones U.S. Technology Sector Index Fund (AMEX:IYW) or the Vanguard Information Technology ETF (AMEX:VGT) -- all major holders of Apple stock and all lower today.
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