Apple Inc Stocks Issued 'BUY' Rating by 29 Analysts; Tesla Motors (TSLA) Shares Soar Amid Rumoured Apple Merger
By Reissa Su | February 19, 2014 7:46 PM EST
Apple Inc's head of managers and acquisitions, Adrian Perica, has reportedly met with Tesla Motors founder and CEO Elon Musk at the company's headquarters in 2013. The meeting was rumoured to have taken place around the same time analysts suggested that the Cupertino tech giant should acquire Tesla, the maker of the Model S.
A worker cleans glass in front of an iPhone 5C advertisement at an apple store in Kunming, Yunnan province, in this October 27, 2013.
Apple is also exploring medical sensors and devices upon which health and fitness apps can be developed. The company was reportedly testing sensors that can predict heart attacks by monitoring the sound of blood which circulates in the arteries.
According to CNET, Apple is rumoured to be focusing on health and fitness in the latest version of its mobile OS, the iOS8. Based on reports, Apple may be developing a Healthbook app for iOS8 which may be the subject of the company's meeting with the FDA in January.
Investors may be anticipating the release of the iWatch as the company is pressured to release "innovative" products in 2014. Rumours said the long-awaited Apple Inc wearable may be released by the end of the year.
Apple share price target increased
Bank of America analysts increased the target price of Apple Inc to $590 from $575 in a report issued to the bank's investors and clients. The bank continues to have a "Neutral" rating on Apple stocks.
The analysts issued the "Neutral" rating for Apple shares due to the iPhone maker's lack of a low-priced iPhone which would have been a success in emerging markets. Analysts believe that Apple's deal with China Mobile will have a likely less than expected impact on Apple's growth. The lack of an "innovative" product was a factor in the rating as well.
Apple a "Buy" for 29 analysts
Meanwhile, equities researchers at Ned Davis Research upgraded Apple's stock to a "Buy" rating from the previous "Neutral" rating with a price target of $590. A total of 29 analysts have issued a "Buy" rating for Apple's stocks with a consensus price target of $597.88.
Tesla shares soar with rumoured Apple merger news
With the rumoured Apple Inc merger news circulating the Web, the stock price of Tesla Motors (TSLA) has traded above $200 for the first time. A spokesperson for Tesla declined to comment on what happened in the meeting between Tesla CEO Elon Musk and Apple executives.
Tesla Motors shares rose 2.8 per cent to close at $203.70 in New York. This is the highest closing price for the Model S maker.
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