Frequent Apple bear Toni Sacconaghi hiked his price target on Apple shares to $160, 14 percent above the current price.
Shares of Apple ’s stock may be near all-time highs, but Bernstein analyst Toni Sacconaghi — typically an Apple skeptic — said it could go higher.
Sacconaghi hiked his price target on Apple shares to $160 and reiterated his overweight rating on Tuesday, according to FactSet. That’s about 14 percent over Apple’s $140.50 price on Tuesday, just shy its all-time intraday high.
„We think the iPhone 8 cycle will be significant,“ Sacconaghi said on CNBC’s “ Fast Money: Halftime Report. “
„We believe that users have been holding off — that the last two products have been relatively incremental and evolutionary, and that the iPhone 8 will be a significant form factor change. “
Sacconaghi has said Apple’s best days are behind it, and that it’s unclear whether it will be a growth company in five years. But on Tuesday, Sacconaghi said Apple’s stock is relatively cheap by some of Wall Street’s measures.
Plus, he added, Apple is poised to benefit „significantly“ from potential changes in the laws for bringing back foreign cash.
