“Apple Inc. (NASDAQ:AAPL)’s stock has been challenged this year and down 8% YTD vs. a 15% increase for the S&P 500 Index; however, we believe the stock is in the midst of a recovery. In our view, Apple is on the verge of an extended product cycle that we believe will include a refresh of existing products, increased penetration within existing device categories and entirely new market opportunities.” “There has been much concern around Apple’s pace of innovation over the past year; however, we remind investors that it took Apple six years to introduce a new product category after the iPod and it took three years after the iPhone was introduced to unveil the iPad. As such, if Apple were to introduce “iTV” or “iWatch” over the next year, this would be slightly ahead of historical cycles.”
I have to agree with White. And this continues a series of positive news about the tech giant, which recently received a "pardon" by the president who vetoed a ban imposed on Apple Inc. (NASDAQ:AAPL) by the ITC, which cited claims from Samsung (SSNLF)
Apple is far from regaining its Wall Street darling status. But you couldn't tell by the stock's performance over the past couple of weeks. The question is, where are shares heading next?
According to Icahn, $600 seems to be the next target. Although this target pales in comparison from the $705 level that the stock reached last summer, I don't believe Apple Inc. (NASDAQ:AAPL) investors will complain. But as an Apple shareholder, I'm hoping Brian White's $777 target is proven true.
Author Disclosure: At the time of publication, the author held shares of Apple.