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.