By Benjamin Pimentel, MarketWatch
SAN FRANCISCO (MarketWatch) -- Apple Inc.'s shares rose on
Monday as Barclays raised its price target for the stock, saying
the iPhone maker was poised to "retake control of the
narrative."
Apple (AAPL) rose 2.4% to close at $460.71. Barclays analyst Ben
Reitzes raised his price target by 13% to $525 from $465.
"We believe that Apple's shares are back on the right track --
at least for the time being -- and could continue to rally above
$500, perhaps in short order," he wrote.
"We believe Apple is about to change the narrative and get
investors, analysts, customers and the media finally talking about
new products again -- starting with a software/services/Mac event
on June 10th and a likely iPhone/iPad event in September," he
said.
Apple shares took a hit after the company posted quarterly
results which raised worries about declining profit margins.
Meanwhile, Google (GOOG) shares hit a milestone, topping $850
for the first time to set a new all-time high. The stock traded up
1.9% to close at $861.55.
Intel (INTC) slipped a fraction to close at $23.91. RBC Capital
analyst Doug Freedman upgraded the stock to outperform from sector
perform citing the chip giant's potential in mobile and the
"all-time low sentiment in PCs."
"Our checks suggest mobile is garnering plenty of interest:
Traction in mobile is upcoming, as the magnitude of design wins may
be surprising to investors," he wrote. Freedman also cited the
potential impact of the appointment of Intel's new chief executive
officer Brian Krzanich.
"The impact of change to Intel's vision with the appointment of
Brian Krzanich should not be underestimated," Freedman added. "
'Steady as she goes' is the consensus view.'"
Analog Devices Inc. (ADI) also had its own CEO news as the
company named Vincent Roche as its permanent chief executive.
Shares of Analog Devices rose 1.8% to close at $45.82.
Meanwhile, shares of BMC Software (BMC) traded flat, closing at
$45.42 after the company announced a $6.9 billion buyout deal with
a group of private-equity firms.
Shares of Netflix Inc. (NFLX) shed 1.3% to close at $210.69.
Social-networking stocks were also struggling. Shares of
Facebook (FB) slipped 2.6% to close at $27.57 despite some good
news. The company made it to the Fortune 500 list for the first
time.
Zynga Inc. (ZNGA) was off a fraction, closing at $3.21, while
Groupon Inc. (GRPN) gave up 6.5% to close at $5.46 and Yelp Inc.
(YELP) shed 1.4% to close at $30.69.
LinkedIn (LNKD) was up a fraction, closing at $176.92.
The Nasdaq Composite Index (RIXF) was up a fraction closing at
3,393. The Morgan Stanley High Tech 35 Index (MSH) and the
Philadelphia Semiconductor Index (SOX) were each up a fraction.
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