Citigroup analyst Jim Suva has hikes the firm’s the price target on Apple from $170 to $200, an implied upside of 15.6%, and reiterated a “Buy” recommendation.
Suva writes in a note to clients Wednesday that Apple’s current market value fails to fully reflect expected launches in new product categories. The analyst expects Apple to launch of an augmented reality/virtual reality headset next year and writes that demand should be “resilient” for Apple’s products and services in FY22, following sales and market share gains this year.
Suva notes that potential regulation is an overhang, but it offers the opportunity of “headline risk rather than fundamental risk.”
The analyst writes that any near-term pullback in Apple shares would be a buying opportunity.
This marks the third major analyst to hang a $200 Apple price target on Apple in recent weeks, following Wedbush and Morgan Stanley.
Technovanguard Take: From Jim’s lips to Mr. Market’s ears!
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