Apple’s stock price got a big boost last week — rising every single trading day of the week — as Bloomberg News confirmed that the tech giant is “pushing to accelerate development of its electric car” and “refocusing the project around full self-driving capabilities.”
On Monday, Apple’s stock price surged again to a new all-time intraday high of $165.70.
Investors may be looking past the seasonal device-sales news entirely today, to focus instead on news of Apple’s future electric car. In a note this morning, Yahoo! News quotes Wedbush Securities analyst Dan Ives estimating that there is a “75%, 80% plus chance” that Apple will build the car that Bloomberg reported on last week. Indeed, the analyst goes so far as to say that “this is a matter of when, not if.”
Granted, this is basically the same thing that Bloomberg reported last week. But in Wedbush’s opinion, Apple’s electric, autonomous car might actually arrive as early as 2024, before Bloomberg’s reported 2025 arrival date. Investors seem to like the sound of that — a lot.
MacDailyNews Take: Apple’s stock price remains undervalued.
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