Apple: shares jump on broker initiation
(CercleFinance.com) - Shares in Apple are up today after J.
P. Morgan began its coverage on the stock with an "overweight" rating and a target price of 272 dollars for December 2019, implying upside potential of 23% relative to its current level.
"While Apple's leadership position in the premium smartphone market is well understood by investors, we still see considerable upside to the stock from current levels," the broker says in a note.
J.P. Morgan cites a list of several catalysts, including (1) transformation to a services business; (2) price increases in the iPhone business; (3) growth of the installed base; (4) innovation on disrupting markets; (5) share repurchases and (6) strong balance sheet for either outsized share repurchases or M&A.
The Apple stock is currently up 2.3% at 225.5 dollars.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
P. Morgan began its coverage on the stock with an "overweight" rating and a target price of 272 dollars for December 2019, implying upside potential of 23% relative to its current level.
"While Apple's leadership position in the premium smartphone market is well understood by investors, we still see considerable upside to the stock from current levels," the broker says in a note.
J.P. Morgan cites a list of several catalysts, including (1) transformation to a services business; (2) price increases in the iPhone business; (3) growth of the installed base; (4) innovation on disrupting markets; (5) share repurchases and (6) strong balance sheet for either outsized share repurchases or M&A.
The Apple stock is currently up 2.3% at 225.5 dollars.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.