Apple shares fairly valued around $140, says Deutsche Bank
Deutsche Bank analyst Sherri Scribner believes optimistic expectations will make it hard for Apple share upside to continue. She remains "wary" that investor expectations for the iPhone 8 and X cycle are "more optimistic than realistic." Upside has already been priced in with the shares up 37% year-to-date and consensus estimates having consistently moved higher through 2017, Scribner tells investors in a research note titled "Expectations are pricing in more than Apple can chew." She sees "modest downside risk" to shares in the near-term and finds Apple fairly valued in the $140 range. Estimates for fiscal year 2019 need to come down to "realistically reflect a year after a strong cycle," Scribner writes. She keeps a Hold rating on Apple with a $140 price target. The shares closed yesterday up $1.09 to $154.23.