Bloomberg reported that Apple “is pushing its team to begin production of an electric vehicle as early as 2020, people with knowledge of the matter said.” That said, analyst Brian White of Cantor Fitzgerald believes that “Apple Car” has the potential to be the “iPhone of the Future”, but that Apple’s reach will not stop here.
The analyst noted, “We believe the personal robot category offers great potential over the next decade and fits well with Apple’s skill set. In our view, this week’s media reports of Apple’s potential in the auto market speaks to continued innovation at Apple.”
The analyst continued, “In our view, as more “things” become computers, we believe Apple is very well positioned to leverage its heritage in the industry developing hardware and software innovations together across a vast digital ecosystem, creating easy-to-use, aesthetically pleasing products. Given the growing enthusiasm around personal robots at International CES last month, we believe Apple has an opportunity to leverage its heritage in the computer market, technology innovation in mobile devices and reputation for making user-friendly solutions to develop personal robots for the home.”
The research team at Cantor, led by analyst Brian White, maintained a Buy rating on Apple Inc.(NASDAQ:AAPL) with a price target of $160, which represents a potential upside of 24% from where the stock is currently trading.
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Brian White has a total average return of 21.1% and a 76.3% success rate. White has a 32.2% average return when recommending AAPL, and is ranked #12 out of 3480 analysts.