Everyone from BTIG, Openheimer, Morgan Stanley, and Piper Jaffray think the time is right…
Following the incredibly successful launch of the iPhone 6 and iPhone 6 plus, Apple Inc.’s (AAPL) stock has been on a tear – reaching multiple all time highs. In fact, shares recently surged to a record $119.75, giving the company a market cap north of $680 billion.
And from the looks of it, this could be only the beginning.
Analysts for BTIG, Openheimer, Morgan Stanley, Piper Jaffray, Evercore, and RBC Capital Markets have all upgraded their outlook on the stock – which could potentially be the catalyst that drives Apple’s valuation over the $700 billion mark.
BTIG’s Apple analyst, Walter Piecyk, raised his target price from $128 to $135 per share and Oppenheimer’s Andrew Uerkwitz increased his from $115 to $130 per share.
Similarly, Morgan Stanley’s analyst Katy Huberty set her target at $126 – with her range for AAPL stock extending to $150 in Morgan Stanley’s “bull case” projection.
Analysts for Piper Jaffray and Evercore have both set new targets of $135, while RBC Capital Markets raised its target to $120. UBS also upped its target to $125.
Their bullish stances are supported by a number of reasons.
For example, Walter Piecyk increased his iPhone estimates for fiscal 2015. Given that the iPhones lead-times have remained longer than the previous iPhone 5 and 5s he forecasts strong sales numbers moving forward.
Piecyk also expects Apple to benefit from a higher mix of larger capacity iPhones driven by the larger screens and improved video recording capabilities.
Meanwhile, Andrew Uerkwitz believes Apple has developed the most comprehensive and complementary product portfolio ever, while its competition, ranging from Amazon, eBay/PayPal, Google and Samsung, are behind the curve since they haven’t been able to match Apple’s ecosystem.
Not only have they developed more consistent user experiences across its platforms, the company’s service offerings and willingness to embrace partnerships (such as Apple Pay and IBM) will strengthen its competitive advantages.
In fact according to Benziga, of the research firms who have released notes on AAPL to investors over the last 2 months, 8 out of 10 analysts have given the stock high ratings – either outperform, overweight, or buy. And out of the 10 analysts, the average price target is $123.40 per share – which represents a 3.05% premium from the current all time high.
All of this is great news for investors who have largely stood on the sidelines, contemplating an entry point.
With the iPhone 6, iPhone 6 Plus launched in September, iPad Air 2, iPad Mini 3, Apple Pay, and new Macs launched in October, strong sales projected for the upcoming holiday season, and the Apple Watch slated for release in early 2015, Apple Inc. looks poised to continue its strong performance well into the future.
Yours in profits,
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