“The iPhone 8, set to be released later this year, is believed to be another game changer. Analysts have speculated that the product’s release could unleash a “Super Cycle” for Apple’s stock, taking it to heights never reached before,” Giovanni Bruno reports for TheStreet. “‘This is the first time that I felt that Apple has something that would make it so that we could be really surprised by what it is,’ TheStreet‘s Jim Cramer said on CNBC’s ‘Squawk on the Street’ Monday morning.”
“Cramer was referring to a Goldman Sachs note in which the firm increased its price target on Apple to $150,” Bruno reports. “Goldman is enthusiastic about not only the iPhone 8’s release but the features geared around 3D and Augmented Reality that may be implemented in the device.”
“But, ‘here is what I don’t like about that call,’ Cramer continued. ‘What that call is basically saying is there will be a valley before we get to the ‘Super Cycle,”” Bruno reports. “Instead, Cramer preferred a separate piece by UBS stating that the market is currently undervaluing Apple’s service revenue, projecting shares higher around 10% if the services were adequately valued.”
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MacDailyNews Take: Apple’s all-time intraday high of $134.54 was set on April 28, 2015. Apple’s all-time closing high of $133.00 was set on February 23, 2015. And, yes, we’re keeping a very close eye on the price of AAPL today (currently at $133.55).