Skymark Research Initiates Coverage of Apple with a “Buy”

November 25th, 2009 at 6:25 PM - Apple Stock Watch by Bryan Chaffin

Skymark Research announced Wednesday that it was initiating coverage of Apple Inc., with an initial "Buy" rating on the company's stock. Using a numeric rating system, Skymark's research report, which was obtained by The Mac Observer, rates Apple at 60% for short term indicators, 75% for medium term indicators, and 100% for long-term indicators, with an 80% Overall Average rating, all of which translate into a "Buy" rating.

Skymark Research is a research investment firm specializing in small and mid-cap firms, but the company does occasionally cover large cap companies, according to company spokesperson Dylan Boyle. Mr. Boyle also noted that Apple's scores in its research formulas are substantially higher than most other companies.

With a share price of $204.44 when the report was compiled, Skymark puts AAPL's support price at $201.41, with resistance at $207.39.

Shares in Apple closed slightly lower in the pre-holiday trading session (the markets are closed on Thursday, November 26th in observance of the U.S. Thanksgiving holiday, at $204.19, down $0.25 (-0.12%), on moderate volume of 10.2 million shares trading hands.

*In the interest of full disclosure, the author holds a small share in AAPL stock that was not an influence in the creation of this article.