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Analyst Laura Martin: Apple Stock Seen Hitting $165 Despite'Chaotic' Market

Analyst Laura Martin: Apple Stock Seen Hitting $165 Despite'Chaotic' Market
(AP/Philip Toscano)

By    |   Wednesday, 26 April 2017 08:58 AM

Investors should buy Apple Inc. shares because they are one of the best bets for investors to profit in a rather "chaotic" investment world.

Needham reiterated its buy rating and raised financial estimates on the smartphone maker amid the strength of its balance sheet and ability to generate cash, CNBC reported.

"In the context of today's chaotic global macro environment, AAPL's enormous net cash balance … gives it the ability to survive most macro disruptions and the flexibility to execute strategic choices," analyst Laura Martin wrote in a note to clients. "We raise our estimates for FY17 and FY18 as our survey data indicates higher demand for the 10th anniversary iPhone models."

Martin reaffirmed her Apple stock price of $165. Shares were recently trading at about $144.50. Check Apple stock price, click here now.

The Nasdaq hit a record level of 6,036.02 Tuesday, breaching 6,000 for the first time, powered by gains in index heavyweights Apple and Microsoft, Reuters reported.

After revolutionizing phones, Apple is testing self-driving cars and exploring augmented reality. Recent hires suggest the company is now also looking to the skies, Bloomberg reported.

The iPhone maker has recruited a pair of top Google satellite executives for a new hardware team, according to people familiar with the matter. John Fenwick, who led Google's spacecraft operations, and Michael Trela, head of satellite engineering, left Alphabet Inc.'s Google for Apple in recent weeks, the people said. They report to Greg Duffy, co-founder of camera maker Dropcam, who joined Apple earlier this year, the people said. They asked not to be identified talking about Apple's private plans. An Apple spokeswoman declined to comment, as did Google. Fenwick, Trela and Duffy didn't respond to requests for comment.

Meanwhile, one of the most respected and beloved investors of our time is embracing Apple.

Berkshire Hathaway Inc. Chairman Warren Buffett recently told CNBC that his firm increased its stake in Apple to about 133 million shares,

That’s more than twice as much as Berkshire held as of Dec. 31, the billionaire told the cable network.

Berkshire has been accelerating stock purchases in recent months, adding to stakes in the largest U.S. airlines and Apple. Buffett said the 2017 Apple purchases were made before the company posted quarterly earnings on Jan. 31, a report that pushed shares higher than he wanted to pay. Bloomberg reported.

“Apple strikes me as having quite a sticky product and an enormously useful product to people that use it, not that I do,” Buffett said, praising Tim Cook, the technology company’s chief executive officer. “He’s been very intelligent about capital deployment.”

(Newsmax wires services contributed to this report).

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Investors should buy Apple shares because they are one of the best bets for investors to profit in a rather "chaotic" investment world.
Apple, stock, share, price, Analyst, Laura, Martin
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2017-58-26
Wednesday, 26 April 2017 08:58 AM
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