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Apple (AAPL) ends year +81%, analysts expect more gains in 2021
Apple (AAPL) closed 2020 with share gains of 81%, but investors and analysts are expecting more good things this year as iPhone 12 demand remains strong.
Apple (AAPL) ended the year with 81% share gains, but noted investor Gene Munster believes that there is more to come from the tech giant and that there is a viable path to a potential $3tn market cap.
Apple closed 0.77% lower on Thursday, the final day of the calendar year, but this modest retreat could not take the shine off what has been an excellent year for the world’s most valuable publicly traded company.
Speaking to CNBC last week, Munster believes that Apple can advance on its current $132.69 share price and possibly hit $200 per share during the next 18 to 24 months.
He said: “If the market can sustain these 35 multiples – you know, we’re not talking about an Amazon-like multiple here – I think that that path is there.”
Munster expects the rise in remote work to drive more revenue for Apple, as more people will be buying Macs and iPads and subscribing to its services to keep pace with digital transformation.
The bullish forecast for Apple came on the same day that J.P. Morgan said that there is currently “robust” demand for the iPhone 12 Pro.
Analyst Samik Chatterjee revealed that lead times for the premium smartphone, one of four new iPhone models released late last year, remains above 20 days.
Wedbush analyst Daniel Ives also spoke glowingly on the current momentum for the iPhone 12 after claiming that it is a case of “super-cycle reality meeting hype”.
Ives pointed to its own Asia supply chain checks as evidence of strong demand for the 5G devices.
All of those positives bode well for Apple’s shares in the coming months, according to Ives, who currently offers an outperform rating and $160 price target.
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