Market Overview

UPDATE: Macquarie Initiates Coverage, Takes Fresh Look on Apple Growth Drivers

Share:
Related AAPL
Talk Tech With This ETF
What A Boring Week In The Markets
Shocking Brexit Outcome Roils Stocks; Apple, Boeing, Banks Slam Dow (Investor's Business Daily)

On Friday, Macquarie initiated coverage on Apple (NASDAQ: AAPL) with an Outperform rating and $630 price target, representing 19 percent upside from current levels.

Analyst Ben Schachter believes iTunes is an “underappreciated business” and by 2020 could account for 30 percent of total sales. iTunes currently accounts for only eight percent of sales for Apple.

While many Wall Street analysts are focused on the iPhone 6 launch this summer, Schachter points to “digital content and services (including the potential of TV-centric Apps)” as the “key profit growth driver.”

Shares of Apple are up a modest 0.15 percent to $529.50.

Latest Ratings for AAPL

DateFirmActionFromTo
Jun 2016Goldman SachsMaintainsBuy
May 2016UBSMaintainsBuy
Apr 2016Brean CapitalMaintainsBuy

View More Analyst Ratings for AAPL
View the Latest Analyst Ratings

Posted-In: Ben Schachter MacquarieAnalyst Color Price Target Initiation Analyst Ratings

 

Related Articles (AAPL)

View Comments and Join the Discussion!