When he was on CNBC's "Squawk Box" Wednesday, CFRA Research analyst Angelo Zino restated a buy rating on Apple Inc AAPL for investors with a longer-term horizon.
What Happened: Apple held its first event of 2021 Tuesday when the company announced the release of new products, including iMac, iPad Pro, iPhone 12, among other items.
Related Link: Why Analyst Sees AirTags As A $10B Opportunity For Apple
CFRA Research continues to have a $160 price target on Apple. Near-term, Zino expects the shares to continue to consolidate.
The analyst said he is excited about the pipeline for Apple over the next 3 to 5 years. His expectations include an Apple Car, as well as AR glasses.
The release of the Apple Car is not yet represented in the stock price, Zino told CNBC.
52-Week Price Movement: Apple is up 92.84% over a 52-week period; the 52-week low is $68.05, while the 52-week high is $145.09.
AAPL Price Action: Apple was down 0.64% at $132.26 at publication Wednesday morning.
(Photo: The new iMac unveiled at Apple event, April 20, 2021)
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