RBC Capital: Now is the Time to Buy Apple

apple-aapl-logoComputer and mobile device giant Apple Inc. (NASDAQ:AAPL) received some bullish commentary from analysts at RBC Capital Markets today.

The firm reiterated its “Outperform” rating on AAPL and lifted its price target to $117. That new target suggests an 8.3% upside to the stock’s Wednesday closing price of $108 per share.

RBC Capital noted that Apple’s current fiscal first quarter will include an extra week, with 14 weeks rather than the usual 13 weeks. As such, the quarter will include an extra five to six million additional iPhones sold during the period. This should also help push the iPhone unit toward growth in the key year-end quarter, which begins in December.

All things considered, the firm sees continued share price growth for Apple for three reasons:

  1. Easier comps in upcoming quarters,
  2. The new product launch of the iPhone this fall, and
  3. Stable to improving gross margins.

Apple shares rose $0.48 (+0.44%) to $108.48 in Thursday afternoon trading. The stock has gained 3% year-to-date, trailing the S&P 500 by about four percentage points in the period.


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