Analyst Now Sees Apple Stock Rising to $600
September 6, 2013 by Jon C. Ogg
Evercore Partners has reiterated its Overweight rating on the stock, but the price target was raised to $600 from a prior target of $550. The move comes ahead of next week’s product release at its headquarters, which is expected to have more iPhone versions and perhaps other goodies.
Another call was seen Thursday, with Barclays reiterating its Overweight rating. Unfortunately for Apple upside stock fanboys, its price target is a mere $525. Other analyst calls have been made, but none have been extremely aggressive. Samsung’s new “one more thing” product launch this week was targeted to be ahead of Apple on the showcase and on the release dates.
Apple shares closed at $495.27 on Thursday and are indicated up around $499 in early Friday trading. If Evercore is correct, then Apple shares could have another 20% upside from current levels. Apple’s 52-week range is $385.10 to $705.07, and the consensus target price from Wall Street analysts was $533.59 before the impact of this call.
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