Shares of Apple Inc. (NASDAQ:AAPL) closed up 1.40% on Friday. The stock has been performing well this year. Since the start of the year, AAPL has surged over 34%. During the last 12 months, the stock has soared over 68%. On Monday, Apple shares rose over 3% to $153.44, pushing the tech giant’s market cap over $800 billion for the first time in history.
Drexel Hamilton analyst Brian White believes that the iPhone maker’s stock will reach $202 in the next 12 months, giving the company a market cap of over $1.000 trillion. He raised its target on AAPL to $202 from $185. On Friday, the stock closed at $156.10.
“In our view, Apple’s quarterly results will be less important this summer as investors are focused on the iPhone 8 this fall, along with the company’s raised capital distribution initiative, depressed valuation, and potential new innovations,” White wrote. “We believe Apple remains among the most underappreciated stocks in the world.” Market Insider reported.
Two other analysts are also bullish on AAPL.
Bank of America Merrill Lynch analyst Wamsi Mohan has raised his price target for Apple’s stock to $180. Simona Jankowski, analyst at Goldman Sachs, also upped her price target for the iPhone maker’s stock to $170 from $164, citing “the first $1,000 iPhone” that could give Apple a boost.
Apple Inc. (NASDAQ:AAPL) is one the most favorite stocks of hedge funds, despite the fact that sales of its iPhone declined in 2016. According to a report from The Motley Fool, 45% of the top hedge funds owned the iPhone maker during the third quarter of 2016.
Warren Buffett, the legendary investor, is bullish and confident on the Apple’s stock.
“I don’t own [AAPL] because of what I think the earnings are going to be in the next three months or six months,” Buffett said in an interview with CNBC. The billionaire said that understands why iPhone sales were weaker in the latest quarter and believes that that the iPhone is an “incredible consumer product.”
Apple is rumored to launch three iPhone model this year, including a premium handset. According to the reports, Apple’s premium iPhone, dubbed the iPhone 8, will feature curved OLED display, wireless charging, and impressive camera technology.
The iPhone is said to be an expensive handset with a price tag of $1,000. The iPhone 8 is expected to be unveiled in September along with the refreshed models of the current iPhone line.
So, by looking at the analysts’ reports and the stock’s performance, it seems that investing in AAPL could be a good opportunity at this time. What do you think?
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