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Author: Alan LittleDate: 2021-12-07

Apple (AAPL) +2.5% after KeyBanc sets overweight stock rating

stock rating

Apple (AAPL) traded up 2.5% on Monday after KeyBanc started its coverage of the tech giant with a bullish rating on its “strong investment profile”.

Apple (AAPL) shares ticked 2.5% higher on Monday after KeyBanc Markets cited the tech giant’s burgeoning services division and potential for new devices on a list of reasons why it has a “strong investment profile”.

In a bullish update to start the new week, analyst Brandon Nispel said that Apple is in a great place with 2022 on the horizon as it continues to benefit from an increasingly engaged user base.

Nispel noted that Apple is bringing more people into its ecosystem across all products and markets, which bodes well for its services division in the long term.

While iPhone revenues soared 47% to almost $40bn in Q3, analysts see the ‘services’ segment, which includes Apple Music and Apple TV+, as being a primary revenue lever in the future.

This will add more value to Apple’s ecosystem as users will stay engaged with respective platforms for longer even if they don’t upgrade iPhones and other devices as regularly.

Nispel added: “We see growth and margin upside, strong shareholder-friendly capital allocation, and potential for new products and services, which create a strong investment profile.”

Nispel also said that Apple remains an “attractive” value proposition when set against other major corporations due to its impressive return on invested capital (ROIC) characteristics.

The positive coverage comes just at the right time after Bloomberg reported last week that Apple had told suppliers that iPhone sales over the festive period could be hit by a trifecta of new COVID-19 variant concerns, supply chain problems, and rising inflation.

KeyBanc’s new overweight stock rating and $191 price target set AAPL on track for gains on Monday though, with the 2.5% advance by early afternoon setting a $166.25 price.

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