Apple (AAPL) just hit an all-time high of $180.12. And it could keep going.
All thanks in part to its new products and updates, including its very expensive mixed-reality headset. “Apple’s headset, according to reports, will feature high-definition screens in front of the user’s eyes. But it could also let users see and interact with the real world through high-powered cameras mounted on the device, a trick sometimes called passthrough or mixed reality,” says CNBC.
Even better, analysts at Evercore ISI see the stock heading to $210 shortly.
The firm noted, “Apple remains positioned to sustain mid-single digit sales and double-digit [earnings per share] growth over [the] next several years with less volatility and high consistency.” The firm also expects for Apple’s VR/AR product to add about $10 billion in sales, and 20 cents to EPS a year in the next five years.
Granted, Apple could see a near-term correction from current prices. But we’d use any weakness as an opportunity to buy more.
Credit Suisse just raised its price target to $200 from $188. Wells Fargo just raised its target to $210 from $185. And we believe, with patience, Apple could see $250 before 2023 is over.
Better, Apple earnings continue to be strong.
The company beat soft expectations thanks to stronger than expected iPhone sales… with Apple CEO Tim Cook saying the quarter was “better than we expected.”
EPS came in at $1.52, as compared to estimates for $1.43. Revenue jumped to $94.84 billion, which was better than estimates for $92.96 billion. Gross margins were 44.3% as compared to expectations for 44.1%. Even better, according to CNBC:
- iPhone revenue: $51.33 billion vs. $48.84 billion expected
- Mac revenue: $7.17 billion vs. $7.80 billion expected
- iPad revenue: $6.67 billion vs. $6.69 billion expected
- Other Products revenue: $8.76 billion vs. $8.43 billion expected
- Services revenue: $20.91 billion vs. $20.97 billion expected
In short, Apple remains one of the top, most explosive companies to buy on pullbacks.
