RBC Capital maintained its bullish stance on Apple stock prior to its September 9 event
RBC Capital has reiterated an Outperform rating on Apple Inc. (NASDAQ:AAPL) stock along with the 12-month target price of $150, prior to its September 9 event. The sell-side firm expects the event to be a positive catalyst for the company as it is expected to launch its new iPhone 6s with force touch technology, along with its updated processor and Apple TV.
According to the research firm, the September 9 event will provide investors and customers with better clarity around the upcoming product-line, along with an in-depth insight into the potential for this upgrade.
The sell-side firm expects the tech giant to launch its new Apple TV. However, the firm suspect this to be a hardware launch only, with its content and services to come online in fiscal year 2016 (FY16). The company will also release other new products at the event. This will include an app store, which will be Siri enabled.
Out of the 54 analysts polled by Bloomberg, 41 rate Apple stock a Buy, 11 recommend a Hold, while the tag it as a Sell. The 12-month consensus target price is $145.26. The stock is currently down over 1% in the pre-market trading session and has fallen approximately 2%, as compared to Dow Jones Index that fell approximately 9% since the start of FY15.
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