The analyst believes Apple shares would climb higher after the third quarter
Drexel Hamilton analyst Brian White recently reaffirmed his Buy rating and $185 price target on Apple Inc. (NASDAQ:AAPL) shares today, reflecting 71.72% upside potential over the last close. The analyst updated his thesis on the stock ahead of the company’s annual event being held tomorrow, at which it is expected to unveil the next iPhone and make a couple of other announcements, which the analyst believes would be related to Beats and the Apple Watch 2.
Mr. White said that this summer would turn out to be one where Apple shares bottomed out, just like they did back in summer of 2013. He said that his estimates suggest that profit and sales “troughed” in the third quarter of fiscal year 2016. The analyst further added that increased short selling activity, issues with the European Union, the problems the company is facing in China, and its recent run-ins with the FBI have made the company the “Jason Bourne of Tech.” He further added that “just as the market call’s for Apple’s undoing, the company emerges even stronger.”
The Country Caller discussed today that Apple’s event would probably spell out as a nightmare for Samsung Electronics, the company’s biggest rival in the smartphone market. Another piece discussed a number of upcoming smartphones which could challenge the upcoming iPhone. As of 12:55 PM EDT, the stock ticked up 0.16% to $107.90 today.