Tomorrow has finally almost arrived, a highly anticipated day for those at Apple Inc. (NASDAQ:AAPL) headquarters preparing for the next big launch: the iPhone 7/7 Plus unveiling. Additionally, the tech giant is set to make other announcements, including the introduction of the Apple Watch 2 as well as welcoming a new selection of Beats by Dre products.
Positive on iPhone 7/7 Plus specs, and with even greater gusto for the expected 2017 launch for the iPhone 8, Drexel Hamilton top analyst Brian White reiterates a Buy rating on shares of AAPL with a $185 price target, which represents a nearly 72% increase from where the stock is currently trading.
While White is not expecting any earth-shaking form or aesthetic-based changes with the iPhone 7/7 Plus, he does believe that looking through a current lens at the world, where the “it” move is to capture photos and videos to promptly share through social media channels, “the most coveted new feature on the iPHone 7 Plus will be the dual-camera with optical zoom,” a smart incentive to spring for the upgraded iPhone 7 Plus over the simpler iPhone 7.
“Similar to the summer of 2013, we believe this summer will prove to be a bottoming process for Apple’s stock with our estimates reflecting that the sales and profit cycle troughed in 3Q:FY16. Moreover, recent run-ins with the FBI, China Government, EU and short sellers has made Apple the ‘Jason Bourne of Tech’. Similarly, just as the market calls for Apple’s undoing, the company emerges even stronger,” 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, top five-star analyst Brian White has achieved a high ranking of #86 out of 4,147 analysts. White upholds a 61% success rate and garners 9.0% in his annual returns. When recommending AAPL, White realizes 19.4% in average profits on the stock.
TipRanks analytics demonstrate AAPL as a Strong Buy. Based on 34 analysts polled in the last 3 months, 31 rate a Buy on AAPL, 2 maintain a Hold, while 1 issues a Sell. The 12-month price target stands at $126.39, marking a 17% upside from where the shares last closed.