Though Apple Inc.’s (NASDAQ:AAPL) launch of fresh products, from three new iPhone models to a new Apple Watch to a new Apple TV certainly did not jolt Drexel Hamilton analyst Brian White with any curveballs, with the rumor mill’s leaks pretty spot on, he has emerged even more confident on his bullish bet.
The titan’s fresh iPhone cycle has enticing appeal to White as does the company’s road into augmented reality (AR), with White commending Apple’s talent “to distance itself from its competitors.”
As the company steps up its game and “takes it to the next level” with a slew of compelling innovations on hand, the analyst reiterates a Buy rating on AAPL stock with a price target of $208, which implies a 36% increase from where the stock is currently trading. (To watch White’s track record, click here)
White anticipates: “We continue to believe Apple’s stock will not only benefit from the upcoming iPhone cycle but also the company’s capital distribution initiative, attractive valuation and potential new innovations.”
Guidance looks even better than before, argues White, who believes, “Given the iPhone X will be available nearly six weeks later than the iPhone 8/8 Plus, this makes Apple’s September quarter outlook appear even stronger than before yesterday’s event.”
Globally, Apple’s standing looks as impressive as ever, as the analyst surmises, “In our view, Apple took the iPhone franchise to a whole new level with the iPhone X, pushing the company deep into the ultra-luxury smartphone market with the highest priced iPhone in the company’s history. […] the iPhone X has positioned itself at the pinnacle of the smartphone market. Starting at a price of $999 for the 64GB version and reaching $1,149 for the 256GB model, we believe the iPhone X will become the new status symbol in the smartphone world.”
Most on Wall Street seem to back White’s vote of confidence in this titan, considering TipRanks analytics demonstrate AAPL as a Buy. Out of 31 analysts polled by TipRanks in the last 3 months, 23 are bullish on Apple stock while 8 remain sidelined. With a return potential of nearly 10%, the stock’s consensus target price stands at $173.89.