Apple (AAPL): Why This Summer Was The Bottom - Drexel Hamilton
- Top 10 News for 12/2: Crude Rips on OPEC Cut; Starbucks' Schultz Steps Down; Nonfarm Payrolls Flat in Nov.
- Unemployment Rate Drops to 4.6%
- Bond yields slip on U.S. jobs data, euro steady before Italy vote
- Alibaba (BABA) Founder Jack Ma Discuss Plans to Retire; 'I Don't Want to Die at the Office'
- Starbucks Coffee (SBUX) CEO Howard Schultz to Step Down, Appointed Executive Chairman; Kevin Johnson New CEO
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium 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
- Drexel Hamilton Raises Price Target on Workday (WDAY) Following 3Q Beat
- Oppenheimer Cuts Price Target on Workday (WDAY) Following 3Q; Reiterates Outperform
- Oppenheimer Remains Sidelined on Ambarella (AMBA) Following 3Q
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!