Nasdaq AAPL Apple

With a market cap of $2.43 trillion, Apple (AAPL) is the world’s biggest company - the giant amongst giants. While most on the Street foresee more growth on the horizon, one analyst has just taken expectations to the next level.

Tigress' Ivan Feinseth has just reiterated a Strong Buy rating for the tech behemoth and attached a Street-high price target of $198. The implication for investors? Upside of 35% from current levels. (To watch Feinseth’s track record, click here)

The 5-star analyst counts “strong product demand, new product introductions, and accelerating Services revenue” as the basis for his bullish take, all which will “continue to drive significant revenue and Economic Profit growth.”

If it’s product and innovation you’re after, then you might as well head straight to the iPhone - or more specifically, the iPhone 13, to be launched this Friday (Sep 24).

“For relatively the same price points as comparable iPhone 12 models,” says the 5-star analyst, “The new iPhone 13 models give consumers higher resolution cameras and screens, faster processors, increased functionality, more storage, and longer battery life.” Apple appears confident its latest model is destined for success. Earlier this month, the company instructed its suppliers to up the  iPhone production’s initial run rate to 90 million units, a 20% increase on the initial 75 million unit runway of the iPhone 12.

The new model was unveiled at the recent California Streaming event, where the company also introduced the Apple Watch Series 7 and a new iPad and iPad mini.

Each new product introduced provides “significant value, increased functionality, and 5G high-speed connectivity to continue driving the current upgrade supercycle,” say Feinseth. All contribute toward further growing Apple’s constantly expanding ecosystem and add to the “highly profitable and fast-growing Services revenues.”

Talking of the Services segment, here Apple “continues to make strategic acquisitions to enhance its Services offerings and product portfolio.”

Last year, the company added Canadian payment startup Mobeewave to its roster, an acquisition which has allowed Apple to turn the iPhone into a portable payment terminal and which further enhances the company’s mobile payment and financial services capabilities. Broadcast platform creator Subverse also came onboard last year and further adding to its “media creation and distribution capabilities,” so has “virtual reality theme park experience creator” Spaces. Furthermore, to handle enterprise-based software upgrades, Apple has also acquired software company Fleetsmith.  

To top it all off, there is a mighty balance sheet boasting $177.49 billion – or $10.67 per share - in excess cash which in addition to the estimated $163.81 billion in Economic Operating Cash Flow (EBITDAR) the company is expected to generate over the next 12 months, will allow for the “continued funding of new growth initiatives and strategic acquisitions while returning significant amounts of cash to shareholders.”

So, that’s Tigress’ bullish view, but what does the rest of the Street make of Apple’s prospects? Based on 19 Buys vs. 6 Holds, the stock has a Strong Buy consensus rating. While the average price target is not quite as high as Feinseth’s, at $169.64, the figure is expected to reward investors with 15.5% returns in the year ahead. (See Apple stock analysis on TipRanks)

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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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The largest company in the world recently presented its new lineup of several products, and since then has been experiencing bullish numbers in regard to supply and demand. Apple Inc. (AAPL) launched its iPhone 13, the keystone of its product supercycle, which has been hailed as the strongest “in roughly a decade.” (See Apple stock charts on TipRanks)

This claim was included in Daniel Ives' report from Wedbush Securities, who noted that sales and distribution of the smartphones are already indicating promising metrics.  

Ives rated the stock a Buy, and provided a bullish price target of $185. Before market open on Thursday, this price target reflected a possible 12-month upside of 26.84%.  

A large market for iPhones, China has been buying them up more than any other nation. Sales increased about 20% more year-over-year, due in part to long-time established users converting to upgraded models. Ives estimates that about one quarter of all iPhone users have not upgraded in three and a half years.  

Many upgrades are occuring through carrier trade-in plans, and a healthy portion of these involve the more high-end iPhone models.  

The five-star analyst mentioned that while supply chain challenges remain an overhang, iPhones are thus far being delivered at an even higher rate, when compared to last year’s iPhone 12 launch. According to Ives, the high levels of production signal “an increased confidence with Cook & Co. [Apple’s senior management] that this 5G driven product cycle will extend into 2022.”  

On TipRanks, AAPL has an analyst rating consensus of Strong Buy, based on 19 Buy and 6 Hold ratings. The average Apple price target is $169.64, suggesting a potential 12-month upside of 16.31%. These statistics are accurate prior to market open on Thursday, September 23.  

Disclosure: At the time of publication, Brock Ladenheim did not have a position in any of the securities mentioned in this article.

Disclaimer: The information contained in this article represents the views and opinion of the writer only, and not the views or opinion of Tipranks or its affiliates, and should be considered for informational purposes only. Tipranks makes no warranties about the completeness, accuracy or reliability of such information. Nothing in this article should be taken as a recommendation or solicitation to purchase or sell securities. Nothing in the article constitutes legal, professional, investment and/or financial advice and/or takes into account the specific needs and/or requirements of an individual, nor does any information in the article constitute a comprehensive or complete statement of the matters or subject discussed therein. Tipranks and its affiliates disclaim all liability or responsibility with respect to the content of the article, and any action taken upon the information in the article is at your own and sole risk. The link to this article does not constitute an endorsement or recommendation by Tipranks or its affiliates. Past performance is not indicative of future results, prices or performance. 

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