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Apple announces biggest share buy-back in corporate history

Jonathan Shapiro (via AFR) | April 24, 2013
Despite mounting concerns over its ability to continue to dazzle the world with its products, Apple on Tuesday posted solid quarterly revenue of $US43.6 billion and quarterly net profit of $US9.5 billion, or $US10.09 per diluted share. That beat analyst estimates, who had predicted profits of $US9.98 a share.

Out of 54 analyst recommendations, 48 have Apple at a strong buy or buy. Four others rate Apple a hold, and only two rate the stock at underperform or sell.

Other analysts are also holding onto a bullish view. Deutsche Bank's Chris Whitmore reaffirmed a buy rating on Apple shares and urged a longer-term outlook based on upcoming product launches.

"Although we doubt this quarter will be a meaningful catalyst for the stock, we recommend owning Apple for the reacceleration of its product cycle refreshes in the second half of 2013 (iPhone 5S, low-end iPhone, iPad etc.)," Whitmore wrote in a research note.


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