On July 9 at under $415, we said,
“Apple is expected to earn $41.04 in fiscal year (FY) 2013, ending in September, and the consensus earnings estimate for FY 2014 is $43.59. The mean price target has been increased to $538 from $500, and those willing to take a longer-term perspective may buy Apple with a stop-loss order at $390, below the April low.”
Since then Apple stock has rallied close to its 200-day moving average at $474, where traders may be wise to nail down a profit. However, the stock appears capable of completing a long-term reversal from a saucer formation that could prove very rewarding for patient Apple investors.