Apple Inc (AAPL)

[Investors3]

Evercore raises Apple target price to $210
Monday, June 5, 2023 10:43 am

Apple stock hit a new all-time high in Monday morning trading and is in position to close at a record high early Monday as investors awaited the expected launch of a mixed-reality headset. Some analysts see the stock climbing even higher.

Callum Keown for Barron’s:

Anticipation ahead of Apple’s Worldwide Developers Conference, scheduled to begin Monday and run through Friday, is likely driving those gains. The company is expected to launch a virtual-reality and augmented-reality headset…

Investors will also be keen to hear anything the company has to say about AI, or its strategy around the technology, which has taken the market by storm in 2023.
Evercore ISI analysts see the stock climbing even higher, raising their target for the price to $210 from $190 after conducting a deep-dive research effort on the company. “Apple remains positioned to sustain mid-single digit sales and double-digit EPS (earnings per share) growth over [the] next several years with less volatility and high consistency,” they said, reiterating an Outperform rating.

They said they expect Apple’s VR/AR offering will contribute $10 billion in sales and 20 cents to earnings per share, or around 4%, annually in five years.

MacDailyNews Take: Let the frenzy feed itself!

https://macdailynews.com/2023/06/05/evercore-raises-apple-target-price-to-210/