A key analyst remains bullish on Apple ahead of next week's 'iPhone 6" launch
Apple shares are up nearly 28 percent since the start of the year, and up 47 percent year over year. Is now still a good time to buy a piece of the iPhone maker? Yes, according to Piper Jaffrey’s Gene Munster.
As first noted by AppleInsider, the analyst told investors on Tuesday that Cupertino’s “platform theme is expanding.” As a result, his company has increased its price target on Apple’s stock to $120.
At the start of trading today, Sept. 2, Apple shares stand at $102.50.
Munster believes the inclusion of HomeKit and HealthKit into iOS 8 is going to be a boon for Apple. He’s also bullish on Apple’s upcoming mobile payment system, and so-called “iWatch.”
In terms of initial “iPhone 6” sales, the analyst won’t make a prediction, except to say that there’s likely to be “noise in the opening weekend.” He concludes “While the opening weekend may prove to be a speed bump to shares, we expect additional product launches and the platform theme to move shares higher through year-end.”
Last year, Apple sold 9 million handsets during the first weekend of release for the iPhone 5s and iPhone 5c.
Apple is expected to unveil a 4.7-inch and 5.5-inch iPhone 6 one week from today, Sept. 9. The company is also expected to introduce its long-rumored wearable device, which many have dubbed the iWatch or “iBand.”
See also: More reports suggest Apple’s ‘iPhone 6′ will hit the market on Friday, Sept. 19, Apple partnering with Visa and MasterCard in addition to Amex for so-called ‘iPhone Wallet,’ and No redesigned power adapter or reversible Lightning cable on Apple’s ‘iPhone 6,’ says analyst.