Drexel Hamilton


'Drexel Hamilton' Articles

Apple Predicted to Become Trillion Dollar Company Within 12 Months

Apple's stock price has declined around 9 percent from its all-time high of $156.10 in May, but Wall Street analyst Brian White believes the recent sell-off represents "yet another buying opportunity" as investors turn their focus to the so-called "iPhone 8" rumored to launch this fall. 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

Apple's Stock Down 8% Since Reaching All-Time High Last Month

Apple shares are currently trading for around $143 after Monday's opening bell, around 3.5 percent lower than Friday's closing price of $148.98. Apple CEO Tim Cook at the company's Worldwide Developers Conference last week Apple's stock has dropped around 8 percent since reaching an all-time high of $156.10 on May 12, amid a wider downturn in the stock market. Technology stocks have been hit particularly hard, as some investment firms fear that stocks like Facebook, Amazon, Netflix, and Alphabet in particular rose too quickly. Japanese bank Mizuho downgraded Apple to a "hold" rating today, as analyst Abhey Lamba believes enthusiasm around the company's upcoming product cycle is "fully captured" at current levels, with limited upside to estimates from here on out. The bank lowered its AAPL price target to $150, down from $160. Andy Hargreaves, equity research analyst at Pacific Crest Securities, also downgraded Apple's stock last week. In a research note distributed to clients, he said excitement surrounding the so-called "iPhone 8" appeared to be "priced in," compounded by risks such as the potential for gross margin pressure. Wall Street analyst Brian White of Drexel Hamilton believes otherwise, calling the recent dip in Apple's stock price another buying opportunity. "In our view, Friday's sell-off in Apple represents yet another buying opportunity as investors turn their focus to the iPhone 8 this fall, along with the company's raised capital distribution initiative, depressed valuation, and new innovations," said White, in a research note distributed to