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Technology

Apple Inc. (AAPL) Shares Have Over 10% Upside, Says Analyst

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Research firm RBC Capital explains why Apple is likely to keep iPhone 7 and 7 Plus sales figures for the weekend undisclosed

RBC Capital analyst Amit Daryanani reaffirmed his Outperform rating and $117 price target on Apple Inc. (NASDAQ:AAPL) shares today, reflecting 10.88% upside potential over its last close. The analyst believes Apple does not plan to reveal weekly sales numbers for the iPhone 7 and 7 Plus for a valid reason.

Mr. Daryanani said that there is a potential component shortage of the dual camera, due to which the iPhone maker is hesitating from revealing the sales data. However, he added that expectations for the iPhone 7 cycle are “tempered” at the moment, and the Street is more focused on the upcoming iPhone next year, as 2017 would mark the 10-year anniversary of the first iPhone; analysts therefore expect Apple to save major innovative features for its “anniversary update.” Due to this reason, the analyst believes “lack of weened update should not be a huge negative.” He also added that a number of analysts had already anticipated weak iPhone 7 sell through compared to the iPhone 6S sell through.

The Street, according to the data from FactSet, has 32 Buy, five Overweight, four Hold, one Underweight, and two Sell ratings on Apple stock. It also has a mean 12-month price target of $121.81 on the shares, reflecting 15.43% upside potential over the last close.

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