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Cantor Fitzgerald analyst Brian White maintained a “Buy” rating on Apple. The analyst also raised his price target from $160 to $180. This new price target suggests a 40% upside from the stock’s current price.
The analyst commented: “Next month, Apple will enter its first new product category in five years, while media reports over the past several weeks have highlighted potential new areas of future innovation. Also, we believe Apple’s iPhone portfolio and position in China have never been stronger. Finally, Apple has shown its commitment to returning cash to shareholders, and we expect more in April. We believe the combination of these forces will drive the market to reward Apple’s stock with an expanded P/E multiple, and we are raising our 12-month price target to $180”
Cowen Raises Price Target on Apple
Cown has raised its price target on Apple from $115 to $135, suggesting a 6% upside. The firm noted that the following factors contributed to the price target increase:
Shares of Apple are up over 65% in the last 12 months (compared to a 18% increase in the technology sector). The rise in its share price has caused its dividend yield to fall to 1.5%, but there’s good news for income investors, as Apple should be boosting its dividend next month.
|VTSMX||Vanguard Total Stock Market Index||1.75%|
|VFINX||Vanguard 500 Index||1.12%|
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