Apple Inc. (AAPL): iPhone X Finally Goes Live, Drexel Reiterates Buy On The Stock
Brian White: iPhone X off to a strong start!
It’s an exciting day for Apple Inc. (NASDAQ:AAPL) investors and most likely will set the direction for AAPL stock.
This morning, Apple’s iPhone X became available for pre-order and shipment lead times surged shortly after. The wait time for an iPhone X in China is currently 5-6 weeks, similar to the iPhone 6 Plus in 2014. The iPhone X was sold out within 10 mins in China and sold out overall in 20 minutes.
Drexel Hamilton analyst Brian White commented, “Apple is taking the iPhone franchise to a whole new level with the iPhone X, pushing the company deep into the ultra-luxury smartphone market with the highest priced iPhone in the company’s history. With a strong start to the iPhone X and trading at just 12x our CY:18 EPS estimate (ex-cash), we believe Apple has attractive upside.”
The analyst continued, “We believe the combination of strong demand and supply constraints is driving surging shipment delivery times for the iPhone X this morning. For example, we were up at 3:01am ET monitoring the pre-order shipment lead times for the iPhone X that surged within the first 30-35 minutes of availability.”
As such, White reiterates a Buy rating on Apple stock, with a price target of $208, which represents a potential upside of 28% from where the stock is currently trading.
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Brian White has a yearly average return of 11.4% and a 65% success rate. White has a 22.8% average return when recommending AAPL, and is ranked #186 out of 4702 analysts.
Overall, when it comes to Wall Street’s bet, the odds are in Apple’s favor, with TipRanks analytics showcasing AAPL as a Strong Buy. Out of 30 analysts polled in the last 3 months, 23 are bullish on Apple stock while 7 remain sidelined. With a return potential of nearly 9%, the stock’s consensus target price stands at $177.17.