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AllianceBernstein sees Apple rising 28% in bull case
The new Apple iPhone 15 on display inside the tech giant’s flagship store in Regent Street, central London. Picture date: Friday September 22, 2023.
Jonathan Brady | PA Images | Getty Images
In AllianceBernstein’s bull case for Apple, analyst Toni Sacconaghi believes the iPhone maker’s stock could rally 28% to $235.
“The bull case is that replacement cycle and AI tailwinds could drive a strong iPhone 16 cycle, and that Apple’s longer-term valuation is reasonable given its ultra-high quality of earnings/cash flow, strong moat, and sustained growth story,” the analyst wrote in a note from Monday.
Sacconaghi has currently assigned the stock an outperform rating accompanied by a price target of $195, implying that shares could add nearly 7% from their Friday close.
In the same report, the analyst said…
