By Christiana Sciaudone
Investing.com -- Apple’s Street-high price target got a second nod from Evercore, which said sales and returns are expected to keep on keeping on.
Evercore raised its price target to $175 from $163, matching Wedbush’s target set in late January. Evercore set a bull case price target of $225 and a bear case of $90, saying the “next set of ‘multi-billion’ dollar opportunities that could further drive value creation,” Seeking Alpha reported analyst Amit Daryanani as saying.
Apple Inc (NASDAQ:AAPL) shares are up almost 2%, but are still down about 12% from a record touched in January, when the tech giant reported record revenue for the quarter ended in December, driven in part by iPhone sales. It wasn’t just hardware -- the company saw growth across all categories.
Apple is on a “clear path” to rake in $100 billion in Services revenue in four years, and $70 billion for Wearables, helping to drive margin expansion and “help smooth out” the cyclical nature of the hardware business, Daryanani said.
Evercore sees investors underestimating other possible growth opportunities including in healthcare, advertising and an Apple car.