Evercore raises Apple price target increase to $160

Apple got a price target increase to $160 from $145 from Evercore ISI analyst Amit Daryanani who said the Cupertino Colossus’ proposed Apple Car could have the same disruptive impact as the company’s iPhone.

TheStreet:

Analyst Amit Daryanani, who kept an outperform rating on the shares, said in a note to investors that his near-term “bullish bias” is driven by expectations for an iPhone supercycle, the monetization of its installed base and gross margin expansion, according to the Fly.

The analyst also said that recent discussions around Apple Car “have become louder” and sees increased odds that Apple will have a product in the automotive space in the next five years.

Daryanani said the auto market will be a driver for multiple expansion given the potential for Apple to “disrupt the Automotive market much as it did the phone industry.”

“iPhone was a computer in your pocket,” he said. “Car will be a computer on wheels.”

He estimated a car could add $36 billion to Apple’s sales.

MacDailyNews Take: Earlier this month, Bloomberg News reported that Apple has a team of hardware engineers working on an actual vehicle, but “Apple Car” development is still in at an early stage, at least five years away. So, any Apple price target increase isn’t based on Project Titan, but, rather, the 5G-spurred Mother of All iPhone Super Cycles.

[Thanks to MacDailyNews Reader “Fred Mertz” for the heads up.]