Nasdaq AAPL Apple

Apple Inc.'s (AAPL) stock has been under a bit of pressure of late, as the market rally ran out of steam this week amid renewed inflationary jitters. Concerns over a slowing economy and ongoing supply chain challenges have weighed on Apple stock. Meanwhile, Apple unveiled its Business Essentials subscription aimed at small and medium-sized businesses (SMBs), a move that could give its services business a major long-term jolt. I am bullish on Apple stock.

The Business Essentials announcement didn't give a boost to AAPL stock. Instead, near to medium-term woes seem to be dictating the stock's trajectory rather than promising new growth pathways. In addition, the Business Essentials announcement, while somewhat surprising, wasn't necessarily relevant to your average Apple consumer.

Still, the Business Essentials segment could allow Apple to get a foot in the door of a high-growth market that has typically been dominated by the likes of its long-time rival, Microsoft (MSFT).

Business Essentials Opens a New Door for Services Growth

For now, Apple is going for the smaller corner of the business market. The many creative firms and tech startups that favor Macs and iPads over PCs and Android devices can surely appreciate the time and cost savings of Apple's IT solution, which bundles 24/7 support, device management, service and cloud storage.

Moreover, by catering to SMBs, Apple Business Essentials can grow alongside the firms using its services, as it learns the ropes with a solution that could one day appeal to larger businesses. Not to mention that there's much more room to grow with SMBs.

Over time, though, Apple's innovative M-series chip, which could continue outpacing PC-based chips, may allow Apple's Business Essentials services to scale up to appeal to the enterprise crowd. Indeed, larger businesses, many of which already prefer iPad and iPhone, may begin viewing the Mac as more of a business-appropriate solution.

Investors may not have initially thought much of the Business Essentials reveal, but it would be a mistake to discount its growth potential. Undoubtedly, expansive hardware innovations and better integration across Apple devices could elevate the battle between Mac and PC to the next level. It appears that CEO Tim Cook is looking to bring the fight to Microsoft by going after high-margin business solutions.

Business management solutions aren't just a new market that Apple can disrupt; it's also an endeavour that could bring forth further scalability.

Wall Street's Take

According to TipRanks’ consensus analyst rating, AAPL stock comes in as a Strong Buy. Out of 27 analyst ratings, there are 21 Buy and 6 Hold recommendations.

As for price targets, the average Apple price target is $170. Analyst price targets range from a low of $102 per share to a high of $125 per share.

The Bottom Line

The Business Essentials offering is a big deal. If successful, it could be the start of a more advanced offering tailored to enterprises. In any case, the product looks like a low-risk/high-reward undertaking that could create significant upside for AAPL moving forward.

While Apple is navigating outside of its circle of expertise, the odds that its Business Essentials service will succeed look quite high. The M-series line of chips alone is enough reason for SMBs to switch from PC to Mac. In terms of performance per watt, the M-series is a game-changer. With Business Essentials, Apple finally looks ready to take on the business world.

Disclosure: Joey Frenette owned shares of Apple at the time of publication.

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Apple Inc (NASDAQ: AAPL) has agreed to pay $30 million to retail workers who were subjected to routine searches of their bags off the clock when they left work after or during their shifts.

In 2013, Apple Store employees filed a class-action lawsuit claiming that they were not paid for their time undergoing security checks.

After an eight-year legal battle, lawyers for the workers requested a federal judge to approve of the settlement on Friday. Apple agreed to pay the amount as part of the agreement. 

The Chief Justice of the California Supreme Court found Apple wielded control over its workers by forcing them to find a manager or security guard before they could leave the store for lunch breaks or shift endings. 

The lawsuit includes 14,683 workers, and each will get $1,286 from the settlement, lawyers said in the court filing.

According to Apple, the searches were necessary to ensure workers were not hiding stolen electronic devices in their bags. 

Apple also mentioned that its policy did not restrain its employees’ actions during the actual search, adding that employees could just as easily opt-out by not bringing a bag to work. Related Link: Benzinga Asks: What Cryptocurrency Does Apple CEO Tim Cook Own? Here's What You Said

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Macro supply-chain pressures might have impacted Apple’s (AAPL) recent relatively disappointing FQ4 (September) print, but Tigress analyst Ivan Feinseth believes these issues are transitory.

In fact, the analyst thinks product demand, new product introductions, and “accelerating” Services should all keep the bears at bay.

It goes without saying, but Feinseth notes “demand is a good problem to have” and it is present for all of Apple’s “key products,” iPhone included. Despite global supply issues, the analyst expects the tech giant will “eventually ramp up production to meet what will continue to be extremely strong demand.”

Furthermore, in the quarter almost every segment boasted meaningful year-over-year growth  which reached new heights. Record levels of advertising and payments revenue and record subscriptions for music, video, and cloud services were behind the Services strong display. Apple now counts more than 745 million paid subscribers, 160 million more than the company had a year ago, and a fivefold increase on the number of paid subscribers less than five years ago.

What’s more, with the holiday season about to kick off, the company recently announced several new products. These include new AirPods, HomePod Minis, and the “most powerful MacBook Pros ever made,” boasting the new proprietary M1 Processor. “The new products continue to expand the APPL ecosystem and drive increasing demand for software and Apple Services,” Feinseth further noted.

The 5-star analyst anticipates a “very strong” December holiday quarter, during which Apple will “easily” overtake 2020’s record revenue of $111.5 billion.

Lastly, having just announced a 7% quarterly dividend increase and a new $90 billion share repurchase program, AAPL “continues to enhance shareholder returns.”

As such, Feinseth believes “further upside in the shares exists,” and maintains a Strong Buy rating, backed by a $198 price target. Investors are looking at potential upside of 31% from current levels. (To watch Feinseth’s track record, click here)

Feinseth is currently the Street’s most fervent Apple bull, but by no means the only one; of the 27 reviews on record, 21 are to Buy while 6 remains on the sidelines, all resulting in a Strong Buy consensus rating. The average price target is a more modest $170, set to deliver returns of ~14% over the one-year timeframe. (See Apple stock analysis on TipRanks)

To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.

Disclaimer: The opinions expressed in this article are solely those of the featured analyst. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.

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Wall Street stocks closed higher on Friday, with market-leading growth shares kick-starting indexes' climb as investors looked past disappointing U.S. economic data.

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