“We believe AAPL could at least trade in a range for a short time, but ultimately the catalyst of continued success of the iPhone 4S in China coupled with relatively modest earnings expectations for the next quarter will lead us to our 2012 price target of $750,” Furbonacci writes for Seeking Alpha.
“Given that our worst case scenario for the end of 2012 still provides a small margin of safety and our upside target for the end of 2013 is more than 50% higher than today’s price, we believe an investment in Apple is warranted. We do believe that longer term investors should look for signs that the company is resting on their laurels, not doing anything revolutionary and giving the cold shoulder to their original end users – the professionals,” Furbonacci writes. “There are already many reasons to worry about Apple: the competition has improved its products, Steve Jobs is gone and the concern that Apple TV could be a huge flop. These are all valid concerns, but they are nothing $100+ billion in cash and some great marketing can’t overcome for now.”
Read more in the full article here.
[Thanks to MacDailyNews Reader “Fred Mertz” for the heads up.]