Wedbush analyst Dan Ives said now is a good time to buy AAPL, calling it the best investment among tech stocks that could rise 25-30% by the end of the year.
Wedbush recommends three technology stocks with a “compelling risk-reward ratio” …
Business Insider reports:
According to Wedbush, Apple, Microsoft and Nuance Communications are among the top three technology purchases ahead of the reporting season.
In a note to clients on Wednesday, analyst Dan Ives said he believed tech stocks “are up 25-30% for the remainder of the year, despite lingering rotation concerns.”
The analyst outlined his preferences for a “compelling risk-reward ratio” ahead of the reporting season. Apple, Microsoft and Nuance Communications topped the list.
Ives called Apple his first purchase on Wednesday and said the “supercycle thesis” for iPhone sales appears to be coming true.
The analyst still predicts total iPhone sales in FY2021 in the $ 240-250M range. USA – a figure that he first announced in January and which significantly exceeds the Wall Street consensus of $ 220 million. USA.
Microsoft’s recommendation is based on the clear win over Amazon’s cloud services business.
The Redmond tech giant reported 50% growth in its cloud business on Azure in the most recent quarter, up from 28% growth for AWS.
Cloud and artificial intelligence technologies are also at the heart of the Nuance case.
Ives said Nuance Communications will benefit from more “hospital-wide deployments” of its cloud and artificial intelligence technologies, which are “playing out and gaining ground based on our audits.”
Morgan Stanley issued an investment note yesterday that downgraded its price target for the AAPL but is still classified as a buy.
Apple Services’ revenue is still strong, but the results of some of its competitors show the market is tough, Morgan Stanley said. The bank lowered its target price for AAPL from $ 164 to $ 156.
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