Piper Jaffray Reiterates Buy on Apple Inc. in Light of Spring Event
In a research report issued today, Piper Jaffray analyst Gene Munster reiterated a Buy rating on Apple Inc. (NASDAQ:AAPL) with a $160 price target, as the company is hosting today a “Spring Forward” media event in San Francisco. Apple shares are currently trading at $127.12, up $0.52 or 0.42 percent.
Munster noted, “Apple’s Spring event has begun and we believe the biggest question is what will be the killer features of the watch? Similar to the iPhone, we expect the long-term killer features will likely be developed by third-party developers that utilize the hardware in unique ways. We believe that now that the Watch will be more readily available to developers on launch, the next year or so should offer significant insight into how creative developers can be and how interested their products make consumers. Overall we remain conservative in our expectations for the Watch in year one, but believe that the more important factor in the near-term is that this is the first new product under Tim Cook’s watch and could give us a sense for how to think about future product ramps (car, TV).”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Gene Munster has a total average return of 29.6% and a 71.7% success rate. Munster has a 32.5% average return when recommending AAPL, and is ranked #2 out of 3508 analysts.