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Analyst: Buy Apple on Expected Holiday Strength

Wednesday, October 12, 2016 4:57
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Apple logoiPhone maker Apple Inc. (NASDAQ:AAPL) received some bullish commentary from analysts at Mizuho Securities today.

The firm reiterated its Buy rating on AAPL and lifted its price target from $120 to $130. That new target suggests a 12% upside to the stock’s Tuesday closing price of $116.30.

Noting that Apple will deliver fiscal fourth quarter earnings on October 25 after the market close, Mizuho expects revenue and EPS to come in-line to slightly above Wall Street estimates. However, the firm sees possible significant upside for the all-important upcoming holiday quarter, with Apple likely benefitting from recent smartphone woes at primary competitor Samsung.

Samsung has been on the ropes lately amid a botched product recall of its Galaxy Note 7 smartphone, which reportedly burst into flames for several users. The device was banned from air travel as a result, and Samsung attempted to replace the phones with newer versions before pulling the plug on the device entirely yesterday. Samsung stock plunged yesterday on that news, while Apple gained.

With Samsung’s brand quality at risk, Mizuho continues to see compelling risk-reward at Apple’s current share price levels, with significant potential upside to forward-looking earnings estimates in the near term.


Apple shares rose $0.65 (+0.56%) to $116.95 in premarket trading Wednesday. Year-to-date, the largest stock in the world by market cap has risen 10.49, easily outpacing the benchmark S&P 500’s 4.69% return in the same period.

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