“Shares of Apple Inc. rose on Monday after an analyst at Cantor Fitzgerald reiterated his buy rating on the stock,” Sue Chang reports for MarketWatch.
Analyst Brian White “projected further growth in China for Apple with 15% to 20% of Chinese subscribers likely to be candidates for high-end phones in the next five years,” Chang reports.
Chang reports, “The analyst also said Apple is in the midst of a ‘transformational super cycle’ but its prospects are as bright as ever.”
MacDailyNews Take: That’s “transformational, super cycle.” White’s actual quote is:
[Apple] is still in the midst of a transformational, super cycle with the first new product category in five years with Apple Watch, a multi-year iPhone cycle given the larger form factor, momentum in China, potential new areas of innovation (e.g., streaming TV, growing interest in the car) and a rapidly expanding digital matrix (e.g., Apple Music, Apple Pay, CarPlay, etc.). As such, we believe Apple’s future prospects have never been brighter and the stock is trading at just 9.8x our CY:16 EPS projection (ex-cash).
Chang reports, “White’s 12-month price target for Apple is $195.”
Full article here.