Today, Cowen initiated coverage on Apple (AAPL) with an “outperform” rating, and it set a 12-month price target of $220. Cowen analyst Krish Sankar called Apple a blend of “trading stock” and “coupon bond.” Sankar explained, “With the iPhone installed base at 900 million units and oldest devices approaching five years, we believe annual iPhone shipments are running near replacement demand…the stock could be a good buy from a short-term trading standpoint as well.”
Earlier this week, Apple got an upgrade by Bank of America Merrill Lynch. Apple is trading with double-digit year-to-date gains and has recouped the losses it incurred after lowering its guidance at the beginning of the year.
Berkshire Hathaway (BRK-B) is Apple’s second-largest shareholder. Berkshire chairman Warren Buffett has praised Apple products as well as CEO Tim Cook. However, he surprised markets (SPY)(QQQ) by not adding more Apple shares in the fourth quarter even as the stock plunged more than 30%.
Meanwhile, in an interview with CNBC, Buffett said Berkshire Hathaway’s average buying price for Apple “is about $141 or something like that.” In response to a question on whether he would buy Apple “at $160 or something,” Buffett replied in the negative. However, he said, “I’m always interested in lower levels in a number of stocks we own.”
Meanwhile, market sentiment has improved for Apple. Brokerages have also been turning bullish on the stock. Apple has scheduled an event for March 25 that observers see as the unveiling of a video streaming service that could rival Netflix (NFLX).
Buffett might have to wait to add more Apple shares, based on the uptrend in Apple’s stock price. See Analyzing Warren Buffett’s Investments in the 21st Century for more information.
Today, MedMen Enterprises (MMEN)(MMNFF) completed the sale of two of its properties to Treehouse Real Estate Investment Trust. These properties will be leased back to MedMen.
On Tuesday, Chinese electric carmaker NIO stock (NIO) fell below $5.00 for the first time since its American depositary shares started trading on the NYSE on September 12.
Gold prices (GLD) started 2019 on a relatively soft note. After a dismal fourth quarter, the stock markets have recovered remarkably in 2019.
US auto sales are down 2.4% YoY in the first two months of 2019.
Twitter first became profitable a little more than a year ago, reporting its first-ever quarterly profit in the fourth quarter of 2017.
Wall Street analysts expect an upside potential of 24.28% for Bausch Health Companies (BHC) based on the company’s closing price on March 22.
On Monday, Apple (AAPL) announced many new services in its efforts to boost its services segment sales. For years, the iPhone has been Apple’s primary revenue source.