Apple has a new fan on Wall Street — and this analyst says the company's cash position and product innovation could drive a 14% gain in the stock over the next year
RBC Capital Markets analysts Robert Muller initiated coverage of the iPhone maker on Wednesday with an "outperform" rating and $295 price target, the third highest on Wall Street. Muller's price target represents around 14% upside from where Apple's shares traded on Wednesday morning.
Muller sees long-term value in Apple's product innovation and expected launch of a 5G iPhone in 2021, which could create a "super-upgrade cycle," he said. In an effort to make up for lost iPhone sales, the company has also expanded its assortment of hardware products to include the Apple Watch and AirPods. Apple also released a new"For a company with a considerable track record of innovation, we view future products/services as likely and valuable, whether they be connected home devices or something yet to be dreamed up," Muller said.
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