Apple Inc (AAPL)’s Stock Price Is Heading Up: Gene Munster


The most expected event for Apple Inc. (NASDAQ:AAPL) fans, WWDC is on the way and the event looks like the most ambitious event by the No.2 brand in the world. Apple has a lot to prove as it recently slid from No.1 to No.2 brand and hence this was expected.

Apple, Robert Pavlik, Jeffrey Kleintop, Is Apple A Good Stock To Buy

When Gene Munster of Piper Jaffray Companies (NYSE:PJC) was asked on CNBC Fast Money about the announcements made by Apple Inc. (NASDAQ:AAPL) in the WWDC and if the price target is going to go higher, he stated

“We just inched it up to $730 last Friday so we are up ahead and to answer that question on what’s it going to get to continue to go up, I think once the investors actually see this products and that’s probably going to be in September. So again today was an important step of laying the ground for what’s going to come in the future that actually can impact the numbers.”

When asked about the legacy of Steven jobs affecting Apple Inc. (NASDAQ:AAPL), Munster agreed and said

“I think that is definitely true. I think we often get the question about Tim Cook and how he is doing. I think he is doing a phenomenal job. I think his legacy is going to be played up but I think the reason why those questions come up is just what Steven Jobs obviously did for the company so long.

WWDC is surely getting heated up and Munster also said that the announcements made so far might not be the hottest announcements and he feels that Apple is looking more into services now and that is going to drive the price target of the company. Well Munster is a very optimistic analyst though. He and a team of analysts from Piper Jaffray Companies (NYSE:PJC) set a price target of staggering $1111 for Apple Inc. (NASDAQ:AAPL) back in Jan 2013.

Watch the full video below:

During the yesterday’s part of the WWDC, Apple Inc. (NASDAQ:AAPL) has announced OS X Yosemite which integrates a lot of applications from you iPhone or iPad with a Mac and there were a lot of new advancements which seemed to target Android directly. Airdrop that was used to share between Macs or mobile gadgets got an upgrade and now you can share files between Macs and iPhones or iPads.

Apple Inc. (NASDAQ:AAPL) has also unveiled iCloud Drive, which will compete with Dropbox and Google Drive. The new iCloud drive is a lot better than the previous version due to several improvements. A user can upload all of his important data to the iCloud drive and download it from anywhere across the devices. It even made changes to the mail where one can integrate email with the iCloud drive and send attachments of up to 5 GB in an email using the cloud technology. This also pushes Apple’s case in the cloud market as cloud is getting everywhere in the IT market.

Moreover, Apple Inc. (NASDAQ:AAPL) came up with all new health apps, which monitor your blood pressure and other vital signs. This innovation opens up possibilities for third party vendors to develop devices and gadgets around the apps. This also states that the California based giant is exploring services too. However, so far, there has been no announcement of new hardware not even the rumored and much expected iWatch.

At the same time, we should point out, that Apple Inc. (NASDAQ:AAPL) is one of the most popular stocks among investors. Among shareholders that have placed significant bets on the company is Christopher R. Hansen’s Valiant Capital, which held 258,400 shares at the end of March, the $138.7 million stake amassing over 17% of the fund’s equity portfolio.

Disclosure: none

Suggested Reading:

The 10 Best-Selling Video Games of All Time

9 Best Star Wars Books Every Fan Should Read