“Apple stock looks like it’s getting its juice back,” Patti Domm reports for CNBC.
“And analysts say it could continue to gain even if it doesn’t announce a futuristic sounding plan to turn the iPhone into a remote control for everything in the home, as reported this weekend in the Financial Times,” Domm reports. “Apple stock has popped 18 percent since reporting earnings just five weeks ago, ten times the gain in the S&P 500. At the time, it also announced a 7-for-1 stock split, dividend hike and bigger share buyback, which have also helped boost its stock.”
“Wall Street analysts have a target range for Apple from below $600 to a high of $777 at Cantor Fitzgerald, according to FactSet. The stock is still well below its all-time high reached on Sept. 21, 2012, when it touched $705.07,” Domm reports. “There’s another factor that could also push Apple stock higher. Morgan Stanley analysts say major shareholders of Apple are now significantly underweight and as they rebalance, that could fuel further gains in the stock, heading into the iPhone 6 product cycle, launch of iWatch and other potential services.”
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