“Bank of America Merrill Lynch reiterated its buy rating and raised its price target to $220 from $180 for Apple shares, which is 25 percent above Tuesday’s closing price. It is also the highest target among major investment banks that cover Apple,” Kim reports. “The $220 forecast represents a $1.1 trillion market valuation for the company.”
We remain bullish on potential for cash repatriation, lower tax rates, and the potential for positive estimate revisions heading into 2019. A smoother iPhone cycle (no boom-bust) should drive increased stability in earnings, commanding a higher multiple. Bank of America Merrill Lynch analyst Wamsi Mohan
Kim reports, “Only Drexel Hamilton has a higher price target for Apple at $235.”
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MacDailyNews Take: 2018 should be a banner year for Apple if they execute with even a modicum of competence (i.e. regularly update products, ship them when promised, make no major PR gaffes à la batterygate, and get their software quality issues under control).