Apple (AAPL) Stock Receives Three Price Targets Hikes Today, Wedbush Positive on Live Sports Content Opportunity

January 14, 2022 5:28 AM EST
Get Alerts AAPL Hot Sheet
Price: $162.54 +1.73%

Rating Summary:
    46 Buy, 18 Hold, 5 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 17 | Down: 15 | New: 37
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Shares of Apple (NASDAQ: AAPL) are flat in pre-open Friday after several Street analysts weighed in positively on the stock.

Loop Capital Markets analyst Ananda Baruah raised the price target on Apple to $210.00 per share from the prior $165.00 as she believes Apple is well-positioned for both iPhone unit and ASP upside to Street.

“Importantly, we believe this translates into iPhone & Overall AAPL revenue growth potential of 10-15% after coming off a very strong CY2021 of ~25% each. We’ve found this to be amongst the biggest investor questions surrounding the stock as we enter 2022 (iPhone revenue growth potential, and primarily iPhone ASP potential relative to iPhone unit potential). We believe this bodes well for the stock in 2022 with Street iPhone/overall revenue growth currently at 2% & 5%,” Baruah said in a client note.

Evercore ISI analyst Amit Daryanani hiked his price target on the Outperform-rated Apple stock from $200.00 per share to $210.00 on the company’s AR/VR efforts. The analyst expects CY22 to be a strong year for new products while also expecting wearables to become an important growth vector.

“We think investors continue to underappreciate AAPL’s potential to innovate and enter new markets where they can leverage and scale AAPL’s unique platform and vertical integration capabilities. AR/VR have become a hot topic post FB’s pivot to the metaverse, but AAPL has been working on AR/VR solutions for the last 4+ years and we expect the hype into a formal launch in late 2022 to serve as a catalyst to the stock price. An AR/VR device enables AAPL to extend their iOS and importantly their AppStore from iPhone to the VR world,” Daryanani wrote in his report.

Additionally, Piper Sandler analyst Harsha Kumar raised Apple price target to $200.00 from $175.00 as he sees iPhone momentum continuing thanks to 5G adoption, especially in U.S. and China.

Finally, Wedbush analyst Daniel Ives reiterated an Outperform rating and hiked the price target to $200.00 per share as he reflects positively on reports that Apple is aggressively bidding on MLB's weekday package for next season.

“With Amazon and the NFL recently agreeing to a landmark $1 billion deal to air "Thursday Night Football", we believe Apple now recognizes that over coming years live sports will be a key linchpin to its streaming success along with original content as competition builds for live sports packages,” Ives said in a note sent to clients.

Ives sees Apple spending big on the live sports content, equipped with $200 billion of cash on its balance

“We believe the company is gearing up to bid on a number of upcoming sports packages coming up for contract/renewals in future years. We note that upcoming sports packages potentially for bid over the next four years that Apple can be involved with (in some capacity/semi-exclusive) are: NFL (Sunday Night Ticket), Big Ten, Pac 12, Big East, Big 12, other NCAA sports packages (2024 timing), NASCAR, and the NBA/WNBA,” he added.

Apple stock price fell 1.9% yesterday to close at $172.19 yesterday.

By Senad Karaahmetovic | senad@streetinsider.com



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