In a note released today, BTIG analyst Walter Piecyk reiterated a Buy rating on Apple (NASDAQ:AAPL) with a $135 price target, which represents a potential upside of 24% from where the stock is currently trading.
Piecyk noted, “Back in September, we looked at how Apple’s stock performed following the first weekend sales for prior iPhone launches. It’s important to restate our caveat from September that “correlating first weekend sales numbers to phones sold during the quarter or the performance of the stock is hardly reliable.” In fact, the stock was halved in 2008 following the iPhone 3G and rose 50% in 2009 after the 3GS launch.”
“So what happened in 2014? Nothing remarkable. The 9.3% rise into the end of the year was just below the average. So what does this imply for 2015? Absolutely nothing. They haven’t even announced the product yet!”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Walter Piecyk has a total average return of 16.8% and a 72.2% success rate. Piecyk has a 36.4% average return when recommending AAPL, and is ranked #652 out of 3442 analysts.