Bank of America/Merrill Lynch reported on Monday that they have lowered their price target for technology company, Apple Inc.(AAPL).

The firm, which currently has a “Buy” rating on Apple, has lowered their price target for the company to $780. This price target suggests a 31% increase over the stock’s current price of $536.20.

The firm also lowered estimates for the tech giant.

Apple shares were up $8.85, or 1.68% during premarket trading Monday. The stock is is up 30.29% YTD.

The Bottom Line
Shares of Apple (AAPL) have a 2.01% dividend yield, based on Friday’s closing stock price of $527.68. The stock has technical support in the $497-$502 price area. If the shares can firm up, we see overhead resistance around the $547-$550 price levels.

Apple Inc.(AAPL) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.