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3 reasons why investors should remain bullish on Apple stock – Needham
Tuesday September 24, 2024. 06:01 PM , from Mac Daily News
Sam Boughedda for Investing.com: The analysts note that while competitors like Amazon, Google, Microsoft, and Meta are heavily investing in generative AI (GenAI) infrastructure with no immediate revenue boost, Apple stands out as a stable and liquid stock. Needham says Apple is actively reducing its equity base through share buybacks, which is expected to drive earnings per share (EPS) growth. The company’s $110 billion share repurchase authorization from May 2024 is projected to lead to 11% EPS growth in fiscal year 2025 and 12% in 2026, according to Needham estimates. Needham believes Apple’s commitment to achieving “net cash zero” from its current net cash position of about $50 billion, along with $91 billion in cash from operations reported in the first nine months of fiscal year 2024, suggests accelerated share repurchases in the near future. MacDailyNews Note: Needham maintains a Buy rating on Apple with a target price of $260 per share, an upside of some 16% over the current price. We are currently about 1/5th of the way to being sustainable with Substack subscriptions. Not a bad start! Please tell your friends about MacDailyNews on Substack and, if you’re currently a free subscriber, please consider $5/mo. or $50/year to keep MacDailyNews going. Just hit the subscribe button. Thank you! Read on Substack Please help support MacDailyNews — and enjoy subscriber-only articles, comments, chat, and more — by subscribing to our Substack: macdailynews.substack.com. Thank you! Support MacDailyNews at no extra cost to you by using this link to shop at Amazon. The post 3 reasons why investors should remain bullish on Apple stock – Needham appeared first on MacDailyNews.
https://macdailynews.com/2024/09/24/3-reasons-why-investors-should-remain-bullish-on-apple-stock-nee...
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