Zero to hero in March, Apple (AAPL) is up over 15% this month as the betting public and the analysts have flipped the switch back to bull on the stock. Tim Arcuri from Cowen was the latest to throw his hat in the ring, upgraded Apple to a $135 price target citing iPhone 7 growth prospects this fall. He was further encouraged by talk of the new 5.8″ inch design which was discussed here a couple days ago.
Arcuri notes that Apple still trades at a 25% discount to large-cap technology peers and a 30% discount to S&P 500 valuations. This provides the stock with a solid “backstop” in his opinion. Apple stock has an eFin rating of 75, with the recently updated technicals algorithm generating a whopping 96 score. Does this make Apple stock a buy? It is amazing how quickly sentiment has flipped on the name.