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Piper Jaffray Bullish On Apple Touching $135

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The numbers that Apple Inc. (NASDAQ: AAPL) released for its December quarter blew away all the estimates on the Street. The stock is trading near its all-time highs and according to Gene Munster from Piper Jaffray, it's on its way to go even higher.

Munster was on CNBC to discuss where Apple’s stock is heading.

"It seems that investors are starting to understand that this product cycle is bigger and deeper than what they initially thought and just one quick take away is that they had 17 percent global market shares for smartphones in the December quarter; if they apply that for the rest of 2015, that would imply 20 percent upside to the Street numbers," Munster said.

"So, I think that kind of math is starting to resonate with investors and that's why the stock is moving higher."

Apple Targeting $135

On price target for Apple Munster said, "We’re at $135" and when asked about how he feels about that price target, he replied, "feel very good. I think that again if you look at for example the March quarter, the Street is looking for about 25 percent iPhone growth, they just did 46 in the December quarter, obviously the launch quarter, but if they grow at a kind of a similar rate I think you are going to see this stock move higher in anticipation of that."

He continued, "So the big picture is this, they haven't had a competitive offering to Samsung's larger phones -- they do now. So, they are going to reap the benefits of that for the next year."

Latest Ratings for AAPL

DateFirmActionFromTo
Dec 2019MaintainsOverweight
Nov 2019ReiteratesBuy
Nov 2019MaintainsOverweight

View More Analyst Ratings for AAPL
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Posted-In: CNBC Gene Munster Piper JaffrayAnalyst Color Analyst Ratings Tech Media

 

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