On CNBC’s “Fast Money Halftime Report” Wednesday, options trader Pete Najarian said that Goldman Sachs (NYSE:GS) has been wrong about Apple (NASDAQ: AAPL) for a long time.
It seems Najarian is right in his assessment. In a services-based research note to clients a year ago, Goldman’s analyst Rod Hall initiated a “Sell” on the shares of the iPhone maker with a price target of $58. A year later, his “Sell” price target has been revised 43% higher to $83 per share.
With Apple at $133.50 and rising, Goldman, which is worth noting does more business with Cupertino than any other investment bank, reiterated again its “Sell” rating and same price target after Apple’s “Spring Forward” event Tuesday. Analysts like Morgan Stanley’s Katy Huberty are pushing back on that notion. Morgan’s Head of North American Technology Hardware Equity Research raised her AAPL target price to $158 while maintaining the ticker’s “Overweight” rating.
In Huberty’s view, the combined announcements at Apple’s Tuesday event could add an additional 3% to the tech giant’s overall revenues. Huberty, who raised Apple’s 1Q revenue forecast to $80.2 billion, said she was “very confident” that Cupertino’s 1Q results – scheduled for April 28 – exceeded market expectations.
“You’ve got to listen to Katy” when it comes to Apple, Najarian said, emphasizing the analyst’s solid record on Apple.
“There are a lot of different categories that I think make Apple really interesting going forward,” Najarian, the co-founder of Market Rebellion told CNBC.
CNBC anchor Scott Wapner said he couldn’t disagree with Najarian’s argument. “The numbers don’t lie,” he said.
Apple Stock
Shares of Apple are down 0.04% to $133.45 in Thursday’s pre-market action. After rising to a 52-Wkh of $145, shares of the $2.24 trillion market cap company have pulled back a bit.
Reference: Benzinga
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