Apple has been on fire this year.
After opening at $130.70 in January, the tech stock is now up to $170.60 – and could see $200, near-term. That’s according to Morgan Stanley’s Katy Huberty, who just raised her price target from $164 to $200 a share.
All on the belief new products like augmented reality, and a potential self-driving car have not yet been priced into the AAPL stock. “Today, we know that Apple is working on products to address two significantly large markets – AR/VR and Autonomous Vehicles – and as we get closer to these products becoming a reality, we believe valuation would need to reflect the optionality of these future opportunities,” she said, as quoted by CNBC.
Better, investors seem to be shrugging off speculation that iPhone demand was weakening.
However, that speculation may be bogus.
Wedbush analyst Dan Ives just raised the firm’s price target to $200 from $185. All because he has “increased confidence” in the 2022 iPhone 13 growth cycle.
“The checks ‘continue to be much stronger than expected’ and Apple is now on pace to sell north of 40M iPhones during the holiday season despite the chip shortage headwinds,” Ives said, as quoted by TheFly.com. “The analyst believes the underlying iPhone 13 demand story both domestically and in China ‘is trending well ahead of Street expectations.’”
Ives also believes Apple could be a $3 trillion company in 2022.