An Apple analyst has revealed that he believes that Apple’s fortunes may be about to change for the better thanks to the raft of new products it intends to launch over the next few months.
Barclays analyst Ben Reitzes has just raised his target for Apple thanks to his new found confidence that the company will soon do something to raise its fortunes.
Yesterday Reitzes raised his price target for the share price from $465 to $525 because he believes the "near-term set up is still quite positive".
Reitzes outlined his reasons for his newfound positivity in a note to clients. He outlines his belief that "Apple is about to change the narrative and get investors, analysts, customers and the media finally talking about new products again," suggesting that this will - start with a software/services/Mac event on 10 June (WWDC) and a "iPhone/iPad event in September."
He also outlines that he feels better about Apple's gross margins, and he notes that he "didn't fully appreciate at first how much of a relief it was for Apple to unveil a bigger buyback", according to Fortune.
Barrons reported earlier in April that Reitzes was calling for Apple to do something in September, saying that any positive outlook for the company "assumes Apple does SOMETHING by September and lifts itself from an almost “frozen state” during the March quarter."