Apple recently reported mixed earnings, but it wasn’t enough to stop one analyst from giving the tech giant a price target of $202. This is the highest price target Apple has received out of 33 Wall Street analysts according to data from TipRanks.
According to Brian White of Drexel Hamilton, the company is “among the most underappreciated stocks in the world.” White wrote in a note to clients on Monday, “Apple’s valuation has been depressed for years as investors grew concerned that Apple would fall victim to the missteps of consumer electronic companies of the past. However, Apple has proven its resilience through its unique ability to develop hardware, software and services that work seamlessly together.”
White thinks that Apple’s quarterly results will not be as important in the summer because the focus is on the giant’s iPhone 8 release in the fall. He has raised his 12 month price target on Apple from $185 a share to $202 a share and has kept a “buy rating.”
Apple closed this past Friday at $148.96 per share and is already up 29% this year.
TipRanks says the average price target on Apple by analysts is $159.
Disclaimer: We have no position in Apple Inc. (NASDAQ: AAPL) and have not been compensated for this article.