Apple shares are up nearly 28 percent since the start of the year, and up 47 percent year over year. Is now still a good time to buy a piece of the iPhone maker? Yes, according to Piper Jaffreys Gene Munster.
As first noted by AppleInsider, the analyst told investors on Tuesday that Cupertinos platform theme is expanding. As a result, his company has increased its price target on Apples stock to $120.
Munster believes the inclusion of HomeKit and HealthKit into iOS 8 is going to be a boon for Apple. Hes also bullish on Apples upcoming mobile payment system, and so-called iWatch.
In terms of initial iPhone 6 sales, the analyst wont make a prediction, except to say that theres likely to be noise in the opening weekend. He concludes“While the opening weekend may prove to be a speed bump to shares, we expect additional product launches and the platform theme to move shares higher through year-end.”
Last year, Apple sold 9 million handsets during the first weekend of release for the iPhone 5s and iPhone 5c.
Apple is expected to unveil a 4.7-inch and 5.5-inch iPhone 6 one week from today, Sept. 9.The company is also expected to introduce its long-rumored wearable device, which many have dubbed the iWatch or “iBand.”