2017 proved to be a good year for Apple Inc. AAPL investors. The stock gained 50 percent and continues to flirt with its all-time high of $177.20. One Wall Street analyst expects nothing but further upside in the stock in 2018.
There are three reasons to continue holding a bullish stance on Apple's stock, Baruah said in a Friday note. (See the analyst's track record here.)
The analyst's checks found that Apple's December-ending quarter iPhone shipments are on track to exceed a prior estimate of 75 million and are on track for 80 million-plus units versus the Street's 79-million unit estimate.
The analyst revised his iPhone X shipment estimates higher, as the company succeeded in "catch-up and shipments build." Specifically, Apple is projected to ship 30 to 35 million iPhone X units in the December-ending quarter versus prior estimate of 25 to 30 million.
Apple is seeing strong demand for the iPhone 7 and less demand for the iPhone 8, but this isn't necessarily a concern. The iPhone 7 has sufficient processing power to run upcoming virtual reality content which will likely be a key focus of iOS upgrades in the future, Baruah said.
Shares of Apple were trading slightly lower ahead of Friday's market open.
Photo courtesy of Apple.
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