Apple (AAPL): Why This Summer Was The Bottom - Drexel Hamilton

Drexel Hamilton analyst, Brian White, reiterated his Buy rating on shares of Apple (NASDAQ: AAPL) ahead of Apple's announcement tomorrow that will focus on the unveiling of the iPhone 7/7 Plus, combined with potential other announcements (e.g., Apple Watch 2, Beats).

The analyst stated "Similar to the summer of 2013, we believe this summer will prove to be a bottoming process for Apple's stock with our estimates reflecting that the sales and profit cycle troughed in 3Q:FY16. Moreover, recent run-ins with the FBI, China Government, EU and short sellers has made Apple the "Jason Bourne of Tech". Similarly, just as the market calls for Apple's undoing, the company emerges even stronger."

No change to the price target of $185.

For an analyst ratings summary and ratings history on Apple click here. For more ratings news on Apple click here.

Shares of Apple closed at $107.73 yesterday.

You May Also Be Interested In

• KGI Securities Downgrades Apple (AAPL) to Hold
• Apple investigating exposure to Tata Electronics data breach, full analysis underway - Reuters
• Alaska Air (ALK) PT Raised to $62 at UBS on Updated Q2 Estimates