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.
