Apple (AAPL): Why This Summer Was The Bottom - Drexel Hamilton
- Top 10 News for 10/17 - 10/21: Merger Rumors Abound; CEOs Depart; Tesla Kicks Autopilot Up A Notch
- Wall Street ends little changed; Microsoft hits record
- AT&T (T) in Advanced Talks to Acquire Time Warner (TWX) - DJ
- Rockwell Automation (ROK) Said to Attract Takeover Interest from Schneider Electric - Source
- British American Tobacco Offers to Acquire Remaining Shares of Reynolds American (RAI) for $56.50/Share
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
Drexel Hamilton analyst, Brian White, reiterated his Buy rating on shares of Apple (NASDAQ: AAPL) ahead of Apple's announcement tomorrow that will focus on the unveiling of the iPhone 7/7 Plus, combined with potential other announcements (e.g., Apple Watch 2, Beats).
The analyst stated "Similar to the summer of 2013, we believe this summer will prove to be a bottoming process for Apple's stock with our estimates reflecting that the sales and profit cycle troughed in 3Q:FY16. Moreover, recent run-ins with the FBI, China Government, EU and short sellers has made Apple the "Jason Bourne of Tech". Similarly, just as the market calls for Apple's undoing, the company emerges even stronger."
No change to the price target of $185.
Shares of Apple closed at $107.73 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Imperial Capital Raises Price Target on Proofpoint (PFPT) Following Strong 3Q Results
- Wedbush Reiterates Outperform on Pool Corp. (POOL) Following 3Q Report
- Imperial Capital Raises Price Target on American Airlines (AAL) Following 3Q EPS Beat
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS View
Related EntitiesDrexel Hamilton, Brian White
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!