Apple’s stock should rise to $75 per share, bucking the technology market trend, according to JP Morgan analyst, Daniel Kunstler.
Kunstler, in an interview with On24, said: "This is not an expensive kind of price target when you consider that Apple has $4 billion in capital, $1.2 billion in investments in publicly traded companies, and more invested in private companies."
Sales The analyst believes that Apple’s sales will be less than they could be, as the Indigo iMac isn’t shipping yet, and no new products were available in the first few weeks of the current quarter - which began in July. But, he praised Apple for its "design-edge" over other competitors in the personal computer marketplace.
On Tuesday, On24 also broadcast statements from Salomon Smith Barney analyst Richard Gartner, recommending Apple as a "buy", with a target share price of $70.
Gain Apple closed up 31 cents yesterday, at $59.5. It’s stock has gained just under $10 since August 18. The new price remained stable on the after-hours trading market. Nasdaq’s analyst run down shows nine analysts groups recommending Apple as a strong buy to their clients, a further nine as a buy and four more firms recommend investors hold on to the stock.