Apple, the Technology sector company, was revisited by a Wall Street analyst yesterday. Analyst David Vogt from UBS maintained a Hold rating on the stock and has a $280.00 price target.
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David Vogt’s rating is based on a combination of factors, including the current trends in iPhone wait times and the valuation of Apple’s stock. The UBS Evidence Lab data indicates that while wait times for the Base and Pro Max models are still elevated compared to last year, they have been decreasing week over week. This suggests a potential stabilization in demand, but the upcoming holiday season could cause slight increases in wait times, although not significantly unless driven by promotions.
In terms of valuation, Apple’s stock is projected to be priced at $280, which is approximately 32 times the estimated earnings per share for 2027. This valuation is higher than the historical average, reflecting expectations of better near-term growth and improved gross margins. However, the elevated valuation compared to historical averages suggests a cautious approach, leading to the Hold rating as it balances the potential for growth with the current market conditions.
In another report released on November 17, Jefferies also maintained a Hold rating on the stock with a $246.99 price target.