Shares of giant electronics company, Apple skyrocketed to an all-time high in the previous market session after getting a price-target hike from a Wall Street firm, but later the company gave back those gains on growing concerns about the impact of its iPhone battery controversy.
Apple shares was down by 0.5% to end the session at 176.19 in the stock market today. Before the company gave back its gains it was found trading with a 2.3% increase to a record market session of 179.39.
RBC Capital Market analyst, Amit Daryanani, restated his outperforming rating on Apple and raised his price target of 200 from 190.
In his belief, he sees upside for the company from higher average selling prices for iPhones. But Apple continues to face volatility in the market from revelations that it slowed the processors on older iPhones in order to preserve its battery life and prevent sudden crashes.
The Company is facing various class-action lawsuits alleging the iPhone processor throttling was a scheme to encourage people to buy new handsets which is a claim that Apple vehemently denies.
Apple is facing 40 different lawsuits in the U.S. for its slowing iPhones, plus additional five or more cases that are pending in foreign countries.
Last month, Apple acknowledged that its software update could slow down iPhones with aging batteries apologising for its lack of transparency on the issue and later offered discounted battery replacements for customers.