Why Apple Stock Was the Apple of Investors' Eyes Today
Buoyed by good U.S. jobs data on Friday, investors were in a bullish mood and willing to consider buying beaten-down tech stocks. This helped push the price of Apple (NASDAQ: AAPL) shares up by 4%, as did a pair of fresh analyst takes on the company.
Before market open Friday morning, Morgan Stanley prognosticator Erik Woodring reiterated his overweight (buy) recommendation on Apple. Actually, buy might be understating the case, as Woodring is maintaining his $175 per share price target, implying potential upside of 35%.
The analyst feels that the $115 to $120 price the stock has traded at recently is a "near-term floor," and is worth considerably more. He added that his research does not indicate weakening demand for Apple products, as many fear given the macroeconomic concerns that have clouded the market lately.
Source Fool.com
