Morgan Stanley analyst Katy Huberty on Tuesday raised her Apple price target to $200 from $164. AAPL shares rose over 3.3% to set a new all-time intraday high of $171.28 in morning trading.
While investors have struggled to value the iPhone maker’s new products given the company’s secrecy, Huberty expects augmented and virtual reality, as well as autonomous vehicles, to eventually be priced in, and says Apple should also benefit from a “flight to quality” in technology stocks.
“Despite a consistent and material revenue contribution from new products and services over time, Apple shares don’t seem to bake in the impact from upcoming new product launches,” Huberty wrote in a note. “We believe this will change as Apple approaches the launch of an AR/VR product over the next year.”
Apple’s shares have surged about 28% this year and ended Monday’s session at a an all-time high.
MacDailyNews Note: with a $200 Apple price target, Morgan Stanley now matches Wedbush as the highest among analysts’ targets tracked by Yahoo Finance.
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This prediction, so soon after the world-is-caving iPhone report and lower than street forecasts at last earnings report, is proof that the World is crazy.
It’s a great time to take profits, if you believe this can’t last forever and a great time to buy because Apple’s free cash flow is supernatural and product pipeline has the finger prints to border on WAY more than iterative.
I’m retiring again at the end of the day…enjoying another mid and end of day close HIGHS.