This Firm Just Lowered Apple's Price Target To $138: 'Gold Stock Trying To Maintain Its Shimmer'

CrispIdea’s Shejal Ajmera believes that Apple Inc. AAPL “is still a gold stock considering its valuable technology platform and sales of over one billion of devices.”

Ajmera maintained a Buy rating on the company, while lowering the price target from $185 to $138.

A Gold Stock

“APPL is making continuous effort to increase its iPhone sales, reducing its inventory and product innovation,” the analyst mentioned.

Ajmera pointed out that the company has also been able to increase revenue from its services segment, which includes AppleCare, Internet Services, Apple Pay and licensing.

The services segment revenue increased 23 percent year on year over the six-month period in 2016, rising to $12.05 billion in FY16 from $9.8 billion in FY15.

Impressive Efforts

“Apple is also making efforts to expand its platform in innovative industries like healthcare, auto and home. It is also focusing to expand its sales in emerging markets like India, China and Brazil,” according to the CrispIdea report.

Although smartphone penetration is reaching saturation level worldwide, Ajmera expressed optimism regarding Apple, mentioning the way the company has been working on generating new ideas, robust platforms and technology to grow its revenue.

Apple has also been working on getting “get a hold on the market by increasing its customer base by doing this gold stock is trying to maintain its shimmer in the industry,” the analyst said.