Apple stock has pulled back from its highs back in January and, of late, the stock appears to be in a holding pattern. BofA Securities thinks that the risk/reward balance is fairly neutral for the stock, but sees a good deal of upside.
Chris Lange for 24/7 Wall St.:
BofA Securities reiterated a Neutral rating with a $155 price target, implying upside of 26.5% from the most recent closing price of $122.54.
The brokerage firm noted that Apple’s management recently has been focused on expanding the iPhone product set to include a broader range of phones catering to a wider set of price bands, and continuing to reduce prices on older iPhones, which has led to the introduction of more capable phones (with faster processors, larger screens, better cameras, and better battery life) at the lower price bands.
The firm continued by saying that the result of these actions, along with installment plans introduced by Apple and carriers, has led to the iPhone installed base reaching record levels, growing beyond 1 billion devices, with Apple today offering phones ranging in price from $399-$1,399.
MacDailyNews Take: As happens from time to time, Apple stock is in the doldrums. This too shall pass.
In god we trust $155 a share, Amen 🙏.
F BofA!