“Apple shares will thrive even under a difficult stock market, according to one Wall Street firm,” Tae Kim reports for CNBC. “Bank of America Merrill Lynch reiterated its buy rating on Apple shares, citing the company’s fortress balance sheet.”
“Apple is ‘a name to own in volatile market conditions,’ analyst Wamsi Mohan wrote in a note to clients Thursday entitled ‘Attractive in volatile markets, cash cushion like none other,'” Kim reports. “‘In times of market turmoil, we turn to large cap stocks with low leverage, high cash balance, and attractive valuation. Apple offers all this as well as opportunities for future growth. Apple’s large cash balance offers the opportunity to expand into new markets,’ he added.”
“Mohan reaffirmed his $220 price target for Apple shares, representing 38 percent upside to Wednesday’s close,” Kim reports. “The $220 forecast represents a $1.1 trillion market valuation for the company.”
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MacDailyNews Take: As Jim Cramer has said of Apple in the past: “Own it, don’t trade it.”