Apple bulls, including one who’s laid out a path to shares to reach $500, think the company’s long-term story remains as bright as ever, despite the obvious setback due to the COVID-19 coronavirus pandemic.
Yes, demand is likely to be soft for the next few quarters, as the economic downturn takes a toll… But the bulls still see the potential for dramatic gains, once the pandemic fades into history.
In a note issued over the weekend, Evercore ISI analyst Amit Daryanani reiterated his Outperform rating and $325 target price on Apple shares. He wrote that there is “plenty of upside ahead,” and laid out a path to a stock price of $500…
The bullish scenario includes an increase in Apple’s valuation to 27 times earnings per share for the coming 12 months, a level he says is in line with other consumer luxury-goods stocks.
MacDailyNews Take: Apple shares at $500? From Amit’s lips to Mr. Market’s ears!