Apple Inc. AAPL shares are trading higher after KeyBanc analyst Brandon Nispel initiated coverage on the stock with an Overweight rating and announced a $191 price target.
Nispel noted 'We see growth and margin upside, strong shareholder-friendly capital allocation, and potential for new products and services, which create a strong investment profile.'
Nispel also noted 'While Apple is expensive by historical valuations, we find Apple attractive relative to other mega-caps given Apple's superior ROIC characteristics.'
Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide.
Apple's stock was trading about 3.2% higher at about $167 per share on Monday at the time of publication. The stock has a 52-week high of $170.30 and a 52-week low of $116.21.
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