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Apple: S&P Capital IQ Sees 'Compelling' Value, Ups Rating

This article is more than 10 years old.

S&P Capital IQ analyst Scott Kessler this morning upped his rating on Apple shares to Strong Buy from Buy, noting that the stock has dropped 23% from its all time high of $705 and change on September 21.

"We now believe it is a compelling value, especially as the holiday shopping season is about to begin," he writes in a brief research note. "We think AAPL will benefit from a number of recent product refreshes, including its key iPhone and iPad offerings. We also think the new iPad Mini will contribute to share gains. We acknowledge some slip-ups and management changes of late, but see the fundamental story as intact. We also believe AAPL could decide to allocate additional capital to dividends and buybacks."

Kessler maintains his $700 price target on Apple shares.

AAPL is up 83 cents, or 0.2%, to $543.72.