In a research report published today, Oppenheimer analyst Andrew Uerkwitz shared some commentary on Apple Inc. (NASDAQ:AAPL) following the company’s keynote speech at the World Wide Developers Conference. The analyst reiterated an Outperform rating on the stock with a price target of $155.00. Shares of AAPL are currently trading at $126.24, down $1.56, or -1.22%.
Uerkwitz observed, “Yesterday Apple held its Worldwide Developers Conference keynote speech. While there were no big surprises, investors shouldn’t overlook the multitude of tweaks Apple made to its OS. Cumulatively the updates will, in our view, further separate its eco- system and UI from the competition. This supports our thesis that Apple will continue to outperform smartphone sales expectations and gives us confidence in our above- Street estimates for 2016. Arguably there is even upside to our numbers with the addition of Apple Music and a rejuvenated iPad interface.”
Furthermore, “Our thesis is predicated on Apple continuing to build a broad eco-system and making the user experience seamless across its devices. Everything we saw yesterday does that. We remain confident in our estimates and reiterate our Outperform rating.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Andrew Uerkwitz has a total average return of 6.1% and a 61.0% success rate. Uerkwitz has a 13.0% average return when recommending AAPL, and is ranked #763 out of 3614 analysts.
Out of the 41 analysts polled by TipRanks, 28 rate Apple stock a Buy, 11 rate the stock a Hold, and 2 recommend Sell. With a return potential of 16.96%, the stock’s consensus target price stands at $147.68.