Apple Inc. Stock Worth $750; Stock Surge Expected After iPhone 6 Release Date, WWDC Event
By Reissa Su | May 23, 2014 9:16 AM EST
According to legendary stock analyst Bill Miller, Apple Inc's stock surge is not yet over. In a CNBC interview, Mr Miller said Apple's stock will continue to climb after crossing the $600 mark. Although the tech giant's stock is "not as attractive" as before, he believes the stock is still worth $700 or $750.
The Apple Inc. logo is displayed onstage before a product unveiling event last Oct. 4 at the company's headquarters in Cupertino, Calif.
Mr Miller, the asset managing firm Legg Mason Capital former chairman and current CIO of LLM, said, he remains "bullish" on the market and stands by his earlier statement. He said those who are bearish on Apple stock hate the market because it will not go down while the bullish ones hate it for not going up.
He remains firm in his belief that Apple is an "interesting stock" and recommends now is the good time to buy as the stock trades around $600.
Analysts had mixed reactions on recent news of Apple's potential acquisition of Beats. The rumoured $3.2 billion deal with Beats Electronics had analysts speculating about what it would mean for the Cupertino-based company's future products. Although nothing has been confirmed yet, reports have surfaced that Apple is wooing Beats to add to both of the companies' retail and streaming music services.
Ahead of Apple's WWDC on June 2, the speculations about the next generation iPhone will only increase. Reports said many analysts believe Apple Inc could give Samsung a run for its money when it reveals the iPhone 6 with a bigger screen than its predecessor.
The growing popularity of the "phablet" has threatened Apple with Samsung continuing to release bigger-screened devices. Analysts have observed that there used to be a time when mobile manufacturers wanted to put every technology they can in the smallest device they can make. However, those days may have come and gone or at least temporarily as the current market seems to favour phones with bigger screens without sacrificing price and functionality.
After showing investors it is capable of moving stock past $600, Apple's next big move is closely watched by investors. They continue to hope that Apple stock will continue to soar after the company's WWDC event in June.
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