“Apple (AAPL) is appealing at current prices. Last trading at $169.67, it’s back to strong support, where it typically bounces back. Helping, Wedbush analyst Dan Ives has an outperform rating on the stock, with a price target of $250,” we noted on April 10.
At the time, Apple traded at around $168. It’s now up to $173.75.
Helping, analysts over at Bernstein just said, “Be like Buffett” and buy Apple shares while they’re cheap. The firm also upgraded the tech giant to an outperform rating.
“Despite his reputation as a long-term buy and hold investor, Warren Buffett has been remarkably disciplined at adding to his Apple position when it is relatively cheap and trimming when it is relatively expensive. We would encourage investors to follow suit, adding to positions on Apple when the multiple is 25x earnings or below, and trimming at 30x+,” as noted by CNBC.
Analysts at Wedbush are maintaining an outperform rating on the stock, with a $250 price target. The firm believes iPhone sales could be strong this year, and that there could be pent-up demand for them, as well. In addition, the firm says service revenues are still strong, and that the company is integrating artificial intelligence into its devices.
In addition, Apple just announced it will hold an event on May 7, “amid reports that it would roll out the long-anticipated revamped versions of iPad Pro and iPad Air next month,” according to Reuters. And three, the company is nearing its Worldwide Developers Conference (WWDC) in June, where it’s expected to unveil new artificial intelligence-enabled products.
We’d like to see Apple race back to $200 a share near term.
Sincerely,
Ian Cooper
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