On Monday afternoon, Apple hosted its “Spring Forward” event to launch its Apple Watch. Here’s what the event means for mutual fund investors.
Inside the Apple Event
Yesterday, in San Francisco, Apple launched its Apple Watch and well as its new Macbook. Highlights of the event included:
The Apple TV – The company did not unveil the product, but did announce that the box will be priced at $69. Apple also announced that Apple TV users will be able to access HBO’s $15 per month service before its available to the public.
Macbook – The company’s new Macbook will be available in April and will start at $1,299.
Apple Watch – The watch will start at $349 and will be available in April.
Analyst Comments Are Pouring In
Apple events always consume the attention of investors and analysts, and this event was no different. Following the event, there were several analyst moves and analyst comments regarding the product launches.
Citigroup raised its price target to $145, as the price of the watch was higher than expected.
Nomura raised estimates though 2017 due to the watch price. The firm has a $129 price target on Apple.
Cantor Fitzgerald said that this event was the “most important product event for Apple” since the iPad in 2010. The firm has a $160 price target on Apple.
Stifel Nicolaus maintained its estimate of 11.8 million units sold. The firm has a $150 price target on Apple.
It has been an exciting few days for Apple; last Friday, the tech giant was added to the Dow 30, and on Monday the highly anticipated watch was launched.
Mutual Funds to Watch
Investors interested in AAPL may be interested in the funds listed below. These funds currently have the largest stakes in the company.