Apple should be worth double at $250 as it is 'one of the world's greatest companies,' says Loup's Gene Munster
Apple stock should be trading at $250, and investors should remain optimistic that consumers will eventually ramp up purchases of the company's products, according to Loup Funds managing parnter Gene Munster.
A share price at that level would be about double where they are now, trading Wednesday at $126. On Tuesday,"This is debateably one of the world's greatest companies,"He added that while the December quarter may appear as a disappointment to investors as Apple warned of production headwinds, the brand will remain attractive as consumers move to upgrade devices.
"Ultimately consumers may delay for three, six, nine months, but they're going to come back, they're going to be upgrading iPhones, Macs, iPads [and] I think that's something investors can lean into," Munster said. Investors could also see more upside from potential new tech from Apple, including virtual reality and investments in the company's car project. Apple first topped that level in August 2020 as the pandemic supercharged its product sales due to work-from-home trends. Sales of its laptops saw a significant boost, while its iPhone also helped generate record revenues. The valuation ultimately hit a high of about $3 trillion when stocks peaked on January 3, 2022.
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