The BH Macro fund, a closed-end fund managed by Alan Howard’s Brevan Howard, has already gained 2.41 percent this month through April 19, pushing its year-to-date gains to 6.20 percent. BH Macro invests all its assets in the ordinary shares of the $27.8 billion Brevan Howard Master Fund. In March the firm predicted that 2013 will be a strong year for macro investing.
Credit Suisse Securities on Wednesday lowered its price target on Apple to $525 per share, from $600, and lowered its fiscal 2013 and 2014 estimates. The moves come after the release of the iPad and iPhone maker’s quarterly results and announcements of plans to boost its stock buyback program. However, the investment bank retained its Outperform rating on the stock, saying that Apple will redistribute 25 percent of its market capitalization over the next three years and that it promises a dividend yield of 3 percent.
Meanwhile, Sanford Bernstein dropped its price target on Apple to $600, from $750, but kept its Buy rating, according to a CNBC interview with the brokerage firm’s analyst, Toni Sacconaghi. Sacconaghi says that investors should own the stock if they still believe the company has the ability to innovate and create new markets for itself. Shares of Apple closed down slightly, at $405.46.