Apple At $180? This Analyst Thinks So
Cantor Fitzgerald issued a company update on Apple Inc. (NASDAQ: AAPL) as the company will enter its first new product category in five years with the release of the Apple Watch next month. The firm rates Apple as a Buy and raised its 12-month price target from $160 to $180.
Analysts Brian White and Isabel Zhu wrote, "After five long years, Apple plans to enter a new product category with Apple Watch in April... we believe Apple's iPhone portfolio and position in China have never been stronger...Apple has shown its commitment to returning cash to shareholders, and we expect more in April."
Related Link: The Risks Associated With Owning Apple Right Now
Last week, there were reports that Apple could announce a web streaming television service, which could result in Apple entering the $100 billion TV industry. Along with reports that Apple is continuing to work on a "mini-van like" electric car, the analysts believe that Apple has never been better positioned in the Chinese market than right now. The company's iPhone portfolio is in a great place to benefit from a major upgrade cycle across the country with larger higher priced iPhones and a growing relationship with China Mobile.
Shares of Apple closed Monday at $127.21.
Latest Ratings for AAPL
|Jan 2017||OTR Global||Downgrades||Negative|
|Jan 2017||Guggenheim||Initiates Coverage On||Buy|
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.