By Dhirendra Tripathi
The Wall Street giant raised its target for the stock to $170, an upside of almost 20% from the stock’s current level.
Analyst Samik Chatterjee maintained his overweight rating on the stock while raising the target from $165.
According to Chatterjee, the stock has underperformed the broader market by a significant magnitude in the first half of 2021 despite a fairly resilient volume outlook for the iPhone 12 series.
“The upside pressure on volumes for the iPhone 12 series, historical outperformance in the July-September time period heading into launch event, and further catalysts in relation to outperformance for iPhone 13 volumes relative to lowered investor expectations implies a very attractive set up for the shares in the second half of the year,” Chatterjee wrote in his note.
The analyst believes Apple will outperform the broader market “materially” in the second half and says it is time to start buying the stock again.
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