On Monday Barclays cut the price target on tech giant Apple Inc. (AAPL) following a recent trend among a number of analysts.

The analysts at Barclays cut the price target on Apple from $800 to $740. That target is a +40% upside to Friday’s closing price of $527. The firm maintains an “Overweight” rating on the iPhone maker.

Apple shares were down $6.10, or -1.15%, during premarket trading on Monday. The stock is up +24.76% over the past year.

The Bottom Line
Shares of Apple (AAPL) have a 2.01% dividend yield, based on Friday’s closing stock price of $527.00. The stock has technical support in the $500-$509 price area. If the shares can firm up, we see overhead resistance around the $550 price level.

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.