Apple's target price raised by Goldman Sachs ahead of next iPhone release
Apple Inc. (NASDAQ:AAPL) has received another target price hike – this time from Goldman Sachs, which expects the tech giant will unveil its first US$1,000 iPhone in September.
The iPhone maker became the first company to see its market capitalisation surpass US$800bn on Monday after Drexel Hamilton raised its target price to US$202 a share from US$185, giving the company an estimated US$1trn valuation.
Now Goldman Sachs has joined in on the Apple love, lifting its target price to US$170 from US$164bn and reiterating a ‘buy’ rating on the stock.
The bank said Apple’s pricier iPhones to be released later this year, including a 128 gigabyte model for at US$999 and a 256 gigabyte model for US$1,099, could boost average selling prices and gross margins.
Goldman believes this would “drive meaningful upside” to the stock and raised its 2018 and 2019 earnings estimates to reflect its positive outlook.
Shares in Apple rose 0.90% to US$155.35 in early US trading.
Apple’s shares have gained 16% in the past three months and 70% in the past year, outperforming US indices S&P 500 and the Dow Jones Industrial Average.
Drexel Hamilton expects Apple’s valuation will reach US$1trn as investors begin to realise its growth potential. Brian White, an analyst at Drexel, said Apple’s future prospects look solid with the release of the iPhone8 in September, along with other new innovations and an increase in its capital return programme by US$50bn by the end of March.
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/177730/apple-s-target-price-raised-by-goldman-sachs-ahead-of-next-iphone-release-177730.html
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Please Help Support BeforeitsNews by trying our Natural Health Products below!
Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST
Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!
HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.
Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.
MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video).