One tech expert says it isn’t too late to bu shares of Apple Inc. despite the iPhone maker soaring to new all-time record highs.
Gene Munster, who was Piper Jaffray's widely followed Apple analyst before leaving to launch Loup Ventures, told CNBC that he sees the stock price marching higher.
"Our range is $180 to $200," he said. Due to poor performance in the prior year, year-over-year comparisons "get so easy for them over the next few quarters — they go from 3 percent to 12 percent growth from now until September," he said.
"You've got all the hype around the phone. It's 171 days, most likely, until the next iPhone is released," he said,
For the immediate future, he sees only "clear sailing for Apple investors," Munster said.
"Traders should think about — this is the golden opportunity. Own it into the hype while the numbers get better, and probably trade it off once that phone gets announced."
The tech giant rose 2 percent Tuesday, hitting its highest level ever in intraday trading and closing at a record high of $143.80.
The surge came after UBS analyst Steven Milunovich, who has a $151 price target on the stock, released a research note arguing that Apple could rise to $200 in the next few years.
Apple's shares were lower near midday Wednesday at $143.72.
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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