Another investment analytics firm has joined the club and raised Apple's target price per share. Just a few days after BMO raised its target price to $110, Evercore Partners went a bit further, raising its price to $125 from $115.
In a research note to investors, provided to AppleInsider, Evercore analyst Rob Cihra maintained his "overweight" rating for Apple stock (NASDAQ: AAPL), meaning that he expects the stock to return above the average of the overall industry. He upped his fourth quarter iPhone sales estimate to 39 million, which would represent a 15% year-over-year increase. Fourth quarter results will be disclosed on Monday Oct. 20 at 5:00 PM ET.
After dipping to $97.87 on Thursday, likely due to "Bendgate," Apple (NASDAQ: AAPL) shares rebounded to close at $100.75 on Friday. The high close for the week was $102.64 on Tuesday.
Early in the week reports of the iPhone 6 and especially 6 Plus began to surface and the story gained traction and became known as "Bendgate." Investors took note and on Thursday a higher than usual volume of shares was traded (almost 100 million compared to a more typical 60 million) and the share price closed below $100 for the first time in two weeks. Apple responded saying that with normal use an iPhone 6 would very rarely bend, and that only nine people had officially complained about the problem since the phone hit the shelves. The scare passed and share price closed at over $100 on Friday.
Apple suffered a pair of black eyes last week when first, "Bendgate" made its way into tech headlines, and second, when it released a problematic iOS 8 update. While neither are serious problems, negative publicity is never a good thing.
Rumors of iPhone 6's bending began to emerge last Tuesday. Anecdotal evidence suggested that keeping an iPhone 6 or, especially, an iPhone 6 Plus in a pocket (front or back) would put it at risk of bending. This is really not a surprise, considering the new handsets are 6.9 and 7.1 mm thick, as compared to the 7.6 mm iPhone 5. Also both handsets are longer than their predecessor, giving them more leverage for
Canadian investment firm BMO Capital Markets is expecting a huge amount of iPhones to sell next year, along with a modest number of Apple Watches. In accordance with its expectations, earlier this week the firm increased its share price target to $110.
In a research note provided to AppleInsider, BMO analyst Keith Bachman remained with his "outperform" rating for AAPL shares. He projects 189 million iPhone (all models) sales in fiscal 2015, up about 10 million units from his previous projection.
Apple has finally gotten HealthKit up and rolling after delaying its launch a little over a week due to a bug in iOS 8.0. The first HealthKit-enabled apps starting appearing on the App Store on Friday after Apple released iOS 8.0.2 to fix the issues plaguing the new health platform. One of the first HealthKit-compatible apps spotted in the wild was FitPort. The app promises to deliver a "simple dashboard for your daily fitness stats" by recording steps, cycling distance, active and dietary calories, plus more to Apple's Health app. FitPort is available now for $1.99.
Other HealthKit friendly apps include:
- WebMD (Free) Connect Healthy Target to the Apple Health app to receive actionable insights on your health data.
- Yummly (Free) - Recipe app. Allows you to send nutrition information to the Health app.
- Carrot Fit ($2.99) Allows you to sync your weight and workout data with the Health app.
- MyFitnessPal (Free)
• Add your meal summaries to HealthKit – You can now share meal data with HealthKit-connected apps every time you add food to your diary.
• Sync your weight with HealthKit – If you have an app that records your weight in HealthKit, we can automatically sync that with your MyFitnessPal account. Likewise, if you track your weight in MyFitnessPal we’ll keep your HealthKit data updated.
• Add exercises from other HealthKit apps to your diary – When you exercise with an app that saves workout data to HealthKit, we can adjust your daily calorie goal for you.
Apple released iOS 8.0.2 on Thursday to fix the bugs created by iOS 8.0.1. iPhone 6 and iPhone 6 Plus users complained that they lost their cellular signal and couldn't use Touch ID after downloading iOS 8.0.1 on Wednesday. Apple quickly pulled the update after it was released and announced they were working on a fix. Apple told CNBC that "less than 40,000" users were impacted by the problems caused by iOS 8.0.1.
iOS 8.0.1 was originally released to fix an issue with HealthKit and other small problems plaguing iPhone and iPad users. A bug in Apple's HealthKit SDK has delayed developers from releasing HeathKit-enabled apps to the App Store, which was a major selling point of the iPhone 6 and iOS 8. The update also resolved an issue affecting 3rd party keyboards and squashed a bug that prevented uploading photos and videos from Safari. iOS 8.0.2 also fixes these bugs plus adds improvements to the Reachability feature found only on the iPhone 6 and iPhone 6 Plus, and it brings better support for the "Ask To Buy" option in Family Sharing. You can see the full changelog below.
It has been a bad week for Apple, on Wednesday the company was forced to pull iOS 8.0.1 because it was disabling people's Touch ID and cellular service, and on Thursday a noted security researcher told The Daily Dot that the company knew before Celebgate about a security hole that left iCloud users vulnerable. Apple has also been dealing with a few users complaints that have gone viral under the name "Bendgate".
The hastag #Bendgate started trending on Twitter after a few users claimed that their iPhone 6 had become bent after being in their pocket. The various forum and blog posts prompted some people to conduct their own "bend" tests which revealed the obvious, the iPhone 6 can be bent and damaged if you apply enough pressure to it.
Just four days after its release on September 17, iOS 8's adoption rate hit 46%, according to Apple's App Store Distribution page. This is well ahead of iOS 7's rate, which hit 52% a week after it was made available.
At the end of May, just three days before Apple announced iOS 8, around 90% of iPhone users and 85% of iPad users had adopted iOS 7, which means iOS 7 has dropped of somewhere in the neighborhood of 40% in just a few days.
UPDATE: An Apple spokesperson has confirmed with The Verge that the iOS 8.0.1 update was pulled due to reports that it was disrupting cellular service and Touch ID functionality.
Just seven days after the release of iOS 8, Apple has rolled out iOS 8.0.1 to squash a few bugs. The update resolves an issue that was plaguing third-party HealthKit apps, a third-party keyboard bug that was causing problems with user passcodes, an issue with Safari and more. You can see the complete changelog below.
Apple released iOS 8 on September 17, 2014, just two days before the official launch of the iPhone 6 and iPhone 6 Plus . The first developer beta was made available on June 2, 2014. The update added many enhancements and new features, like a QuickType keyboard and HealtKit app, to Apple's OS.
Here's a public service announcement, the iPhone 6 and 6 Plus are not water- or skinny jean proof. Some iPhone owners have reported that their new handsets have been bending in their pockets. A MacRumors forum member said their iPhone 6 Plus was damaged "during a day of dancing, dining, and driving to a wedding," while another iPhone owner said his device became bent after he just sat down.
Bendgate isn't really much of a surprise, as Wired points out, both the iPhone 6 and 6 Plus are "just over a quarter-inch thick and made largely of aluminum, a flexible metal". Storing your new iPhone in your tight pants pocket while bending, sitting or moving may cause it to bend and can even lead to costly repairs, as some owners are quickly finding out.