Will Apple (AAPL) Stock Surge to $250? This Top Analyst Says Yes

Canaccord’s top analyst Michael Walkley is out with a bullish call on Apple (NASDAQ:AAPL) shares, as his survey work indicates that iPhone maintained its leading market share at all 4 major US carriers and overall iPhone sales remained resilient with likely over 50% share at these carriers.

Walkley wrote, “Given the strong consumer satisfaction with iPhones, we anticipate Apple will continue to grow its global share of the premium smartphone market. Further, we believe Apple’s ecosystem will contribute to strong ongoing growth for services revenue, and we expect the higher-margin services revenue growth to continue outpacing total company growth. We believe Apple is likely to launch three new iPhones in September with possible lower price points, and greater segmentation could lead to YoY unit growth in C2019. We believe Apple continues to grow its leading market share of the premium-tier smartphone market and believe the iPhone installed base will exceed 700M in 2018.”

“With our belief Apple will launch an iPhone X plus combined with new improved features for the current sized iPhone X product, we believe Apple’s iPhone franchise will extend stable to strong sales of higher-priced iPhones through C2020. These new products could result in improving upgrade sales and potentially lead to upside to our C2018/C2019 iPhone unit sales estimates of 222M/227M. We anticipate the growing installed base will contribute to strong long-term iPhone sales, and we are introducing our C2020 iPhone unit sale estimate of 238M units,” the analyst added.”

Net net, Walkley reiterates a Buy rating on AAPL, while raising the price target to $250 (from $220), which implies an upside of 10% from current levels.

According to TipRanks, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Michael Walkley has a yearly average return of 17.1% and a 64.1% success rate. Walkley has a 28.7% average return when recommending AAPL, and is ranked #110 out of 4875 analysts.

The word on the Street rings largely bullish on this chip giant, backing Walkley’s confident move, with TipRanks analytics demonstrating AAPL as a Buy. Out of 32 analysts polled in the last 3 months, 19 are bullish on Apple stock, 12 remain sidelined, and only one is bearish on the stock. However, with a downside potential of nearly 5%, the stock’s consensus target price stands at $216.56.

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