The newest iPhone is lighting up Apple Inc. (NASDAQ:AAPL) headquarters as pre-orders roll in a massive tide, with companies like T-Mobile and Sprint announcing this morning strong initial reports in the opening weekend for the iPhone 7/7 Plus.
T-Mobile noted that the tech titan’s pre-orders for the iPhone 7/7 Plus from Friday, September 9th through Monday, September 12th, “were up nearly 4x compared to the next most popular iPhone.” Additionally, Sprint indicated an over 375% year-over-year boost in iPhone pre-orders in just the first three days of the launch.
In reaction, Drexel Hamilton analyst Brian White reiterates a Buy rating on AAPL with a price target of $185, which represents a 71% increase from where the shares last closed.
White asserts, “We are very encouraged by these strong pre-order reports from T-Mobile and Sprint, combined with the best August ever for our Apple Monitor that we discussed last week. Trading at 8.4x our CY:17 EPS estimate (ex-cash), we believe Apple represents an attractive value.”
“Given that Apple will not be releasing opening weekend sales for the iPhone 7/7 Plus, investors will be searching for any incremental information that provides color around the strength of this cycle,” he concludes.
As usual, we like to include the analyst’s track record when reporting on new analyst notes to give a perspective on the effect it has on stock performance. According to TipRanks, five-star analyst Brian White is ranked #128 out of 4,143 analysts. White has a 57% success rate and yields 8.1% in his yearly returns. When recommending AAPL, White earns 18.5% in average profits on the stock.
TipRanks analytics demonstrate AAPL as a Strong Buy. Based on 35 analysts polled in the last 3 months, 30 rate a Buy on AAPL, 4 maintain a Hold, while 1 issues a Sell. The consensus price target stands at $152.44, marking a nearly 16% upside from where the stock is currently trading.