BTIG is going against the grain and upgrading Apple (NASDAQ: AAPL) from Neutral to Buy with a price target of $540
BTIG is going against the grain and upgrading Apple (NASDAQ: AAPL) from Neutral to Buy with a price target of $540 y, citing many revenue opportunities which they believe can return the company to EPS growth in 2014.
"We believe the stock is reflecting low buy-side investor expectations, even if the sell-side has not yet caught up with their estimate revisions," analyst Walter Piecyk said. Apple will also benefit from a reversal of the impacts of the tighter phone upgrade policies in the United States, its most important market, and is likely to come to a decision on its cash by the end of the month."
Notably, BTIG downgraded Apple's stock to Neutral last April when the stock was 32.4 percent higher, or $633.68 per share