On Friday, Macquarie initiated coverage on Apple 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.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in