Wells Fargo analyst Maynard Um has lowered his target price range for Apple's stock to reflect its value following Monday morning's 7-to-1 stock split. His new 12 month target price range is between US$86 and $93, and was between $388 and $645 last week before the stock split.
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Apple's stock is already trading above Mr. Um's target range. That doesn't, however, mean he's underestimating how it will perform over the next 12 months.