Needham Pushes Apple Price Target to $750
With shares of Apple settling dangerously close to the $670 mark weeks before shares will likely explode should a new iPhone, iPad mini, or additional new Apple products launch, analysts and market watchers are scrambling to get a grip on where AAPL is heading.
On Wednesday, the Cupertino, California-based tech giant enjoyed another strong showing on Wall Street as prominent financial firms stepped up to raise their already-ambitious expectations for the stock. This morning, Needham’s Charlie Wolf went on record to tell investors where he sees AAPL going.
“The increase in our price target stems chiefly from across-the board upward revisions in all of Apple’s businesses, with the iPhone contributing almost half of the increase,” Wold writes, putting his new price target for AAPL at $750.
“The lingering risk that we see in the Apple story is that the company may no longer innovate at the same rapid pace and with the same disruption that characterized the era when Steve Jobs was at the helm," Wolf does concede in his report to investors. "With respect to our valuation model, any deterioration in the iPhone’s market share or gross margin would have an outsized impact on our price target.”