ZAGG Stock Keeps Outpacing Apple Stock as iPhone Play
ZAGG (NASDAQ: ZAGG) has been one of this year's hottest stocks, and a couple of Wall Street pros see the distributor of third-party accessories for consumer electronics heading even higher. Mike Malouf at Craig-Hallum and Dave King at Roth Capital have jacked up their price targets for ZAGG stock this week, merely keeping up with shares that have more than tripled since bottoming out 11 months ago.
Malouf's update on Thursday morning takes his price goal from $16 to $23, perhaps not a surprise since the stock poked north of $16 earlier this month. However, Malouf's recent channel checks were encouraging enough for him to stick to his Buy rating on the stock despite its heady run.
King stuck to his Neutral rating on Tuesday, but he's still doubling his price target from $8.50 to $17 -- just above where the stock is at now. King feels that ZAGG's third-quarter results should exceed expectations. He also feels that ZAGG will raise its guidance when it reports in a couple of weeks, partly on the strength of anticipated gains from its mophie wireless charging base for Apple's (NASDAQ: AAPL) new iPhones.
Source: Fool.com
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