Wall Street Analysts Share Two Cents on Apple (AAPL) Stock Following ‘Special Event’
Tech giant Apple (AAPL) recently hosted a product launch at the Brooklyn Academy of Music to show off two new iPad Pro models, a new MacBook Air and a new Mac mini. All the new devices are unique in that they either have facial recognition or touch ID. Top analyst Brian White of Monness and Jun Zhang of Rosenblatt share their optimistic views following the event.
“The day was focused on creators with the unveiling of two new iPad Pro models, a new MacBook Air and a new Mac mini. On the retail front, Apple is now hosting 18,000 “Today at Apple” sessions each week and we believe this provides another differentiator in the company’s ecosystem within its unique retail experience,” Brian White said.
White reiterates a Buy rating on AAPL stock with a $300 price target, which implies a 37% upside from current levels. (To watch White’s track record, click here)
Jun Zhang added, “We are positive on this iPad Pro cycle, as Apple fully upgraded its design for the iPad. We believe this cycle will be positive for 3D sensing component suppliers. We expect iPad Pro shipments to oﬀset some of the weakness seen in iPhones in C4Q. This is the main reason why we still believe C4Q guidance will come in in line or slightly better than our estimates, even with us recently trimming our iPhone units for C4Q. The MacBook Air added a fingerprint sensor, and we believe this will finally lead to the move to 3D sensing in 2019. We believe the Mac mini may drive some PC sales growth in the mid-end market with its reasonable price range.”
Overall, cautious optimism circles the iPhone maker, as TipRanks analytics exhibit AAPL as a Buy. Out of 34 analysts polled in the last 3 months, 24 are bullish on Apple stock, 9 remain sidelined, and 1 is bearish on the stock. With a return potential of nearly 11%, the stock’s consensus target price stands at $243.67. (See AAPL’s price targets and analyst ratings on TipRanks)