“An analyst bumped his price target by 10% on Wednesday, and he barely even mentioned the iPhone,” Alex Eule reports for Barron’s.
“Apple has been talking up its services business recently, but RBC Capital Markets says the opportunity from things like the App Store, iTunes, Apple Care, and iCloud are still under appreciated by investors,” Eule reports. “Services could be a $50 billion business by Apple’s 2020 fiscal year, RBC analyst Amit Daryanani wrote in a note to clients Monday night.”
Eule reports, “‘We see potential for upside to Apple’s current valuation if the company were to continue to increase its mix of higher margin, less cyclical services revenue over time,’ Daryanani wrote.”
Read more in the full article here.
MacDailyNews Note: AAPL today cracked $140.
$142.86 per share equals $1000 per share pre-split (2014’s 7:1 split).