Apple's Beats brand in April unveiled the Powerbeats Pro, a redesigned wire-free version of its popular fitness-oriented Powerbeats earbuds.
Apple Predicted to Become Trillion Dollar Company Within 12 Months
White believes Apple remains "among the most underappreciated stocks in the world," according to his research note distributed to clients today. A copy of the report was obtained by MacRumors.
In our view, Apple's quarterly results will be less important this summer as investors are focused on the iPhone 8 this fall, along with the company's raised capital distribution initiative, depressed valuation and new innovations as showcased at WWDC. We still believe Apple remains among the most underappreciated stocks in the world.White, an Apple bull, added that the upcoming iPhone cycle is setting up Apple to reach his $202 price target over the next 12 months, which would value the iPhone maker as over a trillion dollar company based on market capitalization. Apple's current market capitalization is around $737 billion.
Similar to the bottoming process in Apple during the summer of 2013 that drove a strong rally into the spring of 2015, we believe the bottom in the stock during May 2016 and the upcoming iPhone cycle is setting up Apple to reach our $202.00 price target over the next 12 months.In May, RBC Capital Markets analyst Amit Daryanani also said Apple could reach or exceed a trillion dollar market cap within 12 to 18 months, with a stock price of $192-$195. Like White, Daryanani said the "iPhone 8" will be a major catalyst towards Apple's path to a trillion dollar valuation.
White maintains the highest price target for Apple's stock among all institutional analysts. AAPL closed at $142.73 on Thursday.