Apple shares were up slightly in premarket trading today after RBC Capital analyst Amit Daryanani upped his price target on AAPL from $140 to $155 while maintaining his “Outperform” rating.
RBC “said growth in the technology giant’s services business provided a path to higher market valuations,” Tomi Kilgore reports for MarketWatch.
“Daryanani’s new price target was 12% above the stock’s closing price of $138.99 on Wednesday, and 6.4% above the average target of the 42 analysts surveyed by FactSet of $145.69,” Kilgore reports. “Daryanani outlook for its services business implies it will be a $48 billion to $50 billion business by fiscal 2020. That suggests either healthy growth in average revenue per unit (ARPU) or a ‘sizable” acquisition is coming.'”
Read more in the full article here.
MacDailyNews Take: The growth of iPhone’s installed base alone can double Apple’s Services business’ revenue by 2020. No “sizable acquisition” required.
Note: AAPL at $142.86 per share equals $1000 per share pre-split (2014’s 7:1 split).
SEE ALSO:
iPhone installed base can drive Apple toward goal of doubling ‘Services’ business – March 6, 2017
Citi ups Apple price target to $160 on impending iPhone supercycle – March 6, 2017
And the know it alls called $700 the top, never again to be repeated…
you get that scoop from Rachel Maddow?
Loser. Sold prematurely did you Mr. hate?
you misspelled “amateur.”
“RBC ‘said growth in the technology giant’s services business provided a path to higher market valuations,”
So funny. That was the case last month, and six months ago. Why the target increase now? Because the share price is up and everyone else is doing it.
These analysts can’t analyze anything that isn’t directly staring them in the face.
Problem is these guys have vested interest in moving stock. They make money when you buy though them or increase the value of own holdings.
I would like an analyst / broker that when you buy on their recommendations that the commission is paid based on the performance. Barring that, statistics on how successful their predications have been on an annual basis.
I don’t care about the candle sticks, coffee handles, door bells, or, 100 day averages, just cross $140 for fun.
Done – 140.14
Yep! Onward to $150+. Kind of surprising with the Fed’s rate hike today?