Description: APPLE worth $1 TRILLION in year? After reporting mixed earnings last week Apple was slapped with a $202 price target its highest to-date by one analyst on Monday. With the release of the iPhone 8 coming in the fall coupled with new innovations Apple is only in the "early stages" of unlocking upside potential for investors in its stock Drexel Hamilton's Brian White wrote in a note to clients Monday morning. "We believe Apple remains among the most underappreciated stocks in the world" White added. The analyst raised his 12-month price forecast for Apple stock to $202 from $185 reiterating a buy rating on the shares. Apple closed Friday at $148.96 per share. If the stock climbed to White's target (a gain of more than 35 percent) that would give the iPhone juggernaut a market value of $1.06 trillion based on its current share count of 5247 from FactSet. White's price target now marks the highest for the company among 33 Wall Street analysts who cover Apple according to data from TipRanks. The average price target of those analysts is $159 and the lowest estimate is $120 TipRanks said. "Apple's valuation has been depressed for years as investors grew concerned that Apple would fall victim to the missteps of consumer electronic companies of the past" White wrote. "However Apple has proven its resilience through its unique ability to develop hardware software and services that work seamlessly together." As of Friday's close shares of Apple have risen 60 percent over the past 12 months and are up about 29 percent for the year-to-date period.
By Frankie Cordeira Jr.
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By Frankie Cordeira Jr.
Pinned to Domestic and Global News on Pinterest
Found on: http://ift.tt/2prmVpm