Drexel Hamilton’s price target hike on Apple’s (AAPL) stock, which values the tech giant at $1 trillion in a year, is Yahoo Finance’s call of the week. Analyst Brian White issued the most bullish forecast yet when he raised his 12-month target on the stock to $202 per share.
Shares jumped to an all-time high on the call, pushing Apple’s market value above $800 billion for the first time ever. The iPhone maker is the first U.S. company to ever reach that milestone.
Apple’s stock price has climbed about 35% so far this year, bringing its total gains over the past year to more than 72%. And White thinks Apple still has plenty of room to run. In a research note this week, White wrote that he thinks the company is “among the most underappreciated stocks in the world.” In terms of what will continue to boost the company’s business, he noted that Apple is in the early stages of unlocking future gains. He also thinks its valuation has been depressed for years and is optimistic on the tech giant’s ability to develop hardware, software and services, further diversifying its business.
Earlier this week, the stock was able to shake off a bearish report from KGI Securities, which warned that production problems could slow the release of its upcoming iPhone models. Apple is reportedly getting ready to roll out three new iPhones in September, and that has been a big reason for the stock’s recent upward momentum.
Looking ahead, the next big event for Apple will be its Apple Worldwide Developers conference. The company sent official press invites for the Monday, June 5-9 event.