Analyst Touts Apple to $797; Competitors Gaining Too! (AAPL, RIMM, NOK, VHC)
Apple Inc. (NASDAQ: AAPL) is set to open at new all-time highs this morning after it won a $1 billion patent verdict against Samsung on Friday. The news is driving shares up almost 3% to $682.00 or so, versus a…
Canaccord GenuityβsΒ technology analyst is Michael Walkley, and he has reiterated his Buy rating with an assigned price target of $797.00 per share.
WalkleyΒ said:
While a ban would likely increase Appleβs leading smartphone share in the U.S. market, we believe this verdict could lead to Samsung also delaying near-term product launches as it attempts to design around Appleβs patents. We also believe other Android OEMs, such as HTC, Sony, and LG, will review this patent verdict and potentially alter and delay planned Android smartphones and tablets β¦ We believe Apple is well positioned for very strong F2013Β sales and earnings growth driven by new product introductions, including the recent refresh of the MacBook Air and Pro series, an LTEΒ iPhone 5, iPad Mini, and potentially Apple TV in F2013.
Apple is not the only winner here. With certain Samsung devices set to potentially be banned here in the United States, and with several of the same patent cases pending in other countries, the focus is on other patent holding companies.
Research In Motion Ltd. (NASDAQ: RIMM) is up a sharp 6.6% at $7.40 this in premarket trading, and Nokia Corp. (NYSE: NOK) is up more than 10% at $3.41.
We would also note that VirnetXΒ Holding Corp. (NYSEMKT: VHC) has patent cases against Apple.
JON C. OGG
Contact [email protected] for any questions or corrections.
Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.