Needham & Company Projects Apple Stock at $540
It's "Black Friday" on Wall Street today. Following what can only be called "Black Thursday" yesterday - a trading session that saw the Dow off by more than 500 points - equities are once again cascading downward on lingering economic uncertainties and global financial unrest.
Since July 21, the Dow has closed lower in 9 of the last 10 trading days (looks like it will be 10 out of 11 after today). Amidst the carnage, even shares of Apple have been clobbered. Shares of AAPL are currently trading at $370, well off from their $400+ highs last month.
So is this a buying opportunity in the markets? That is a question few analysts and economists can answer in broad terms. But when you focus in on Apple, all signs point to a pullback only born of a market panic, not a loss of confidence or faith in Apple. As a result, no shortage of prominent investment firms are saying Apple is a tremendous buy that could take off like a rocket in the months to come.
On Friday, investment giant Needham & Company jumped in front of the Dow-downer and heightened its price target for Apple stock to $540. How will we get that high? The investment firm estimates that Apple will break the bank next year on sales of a projected bastion of 54 million iPads and another 108 million iPhones.
To read more about this lofty projection from this morning's Barron's, click here