Apple shares with a buy rating, citing the company’s leadership position in the smartphone market coverage initiated by D.A. Davison.
Tom Forte, the analyst wrote in one of his note to a client on Monday. Saying that “With an eye for design, strong share in the premium markets for smartphones and a growing number other devices, and the most valuable global brand”. And he also added that Apple will remain one of the most significant technology companies in the world. Furthur adding he said that “While the company is facing a number of significant challenges, including the continued rise of Amazon and Google. The high margin and large sales figures enable the company to generate significant free cash flow. Which is making it increasingly returns to shareholders via buybacks and dividends.”
Forte has started his price objective for Apple shares at $220 which is constituting 33 percent upside to Monday’s close. The analyst has also predicted that the company is going to grow its sales by 7.5 percent per year may be through fiscal 2020. Expectations for Apple may be low enough. But management may surprise with a large enough stock buyback program that is executed in two years
Apple shares have taken a rise of 0.7 percent on Tuesday in early trading. The company made a report to its revenue second-quarter results after the market close.