Pacific Crest analyst Andy Hargreaves feels Apple AAPL has a limited upside in the share price unless it can create a new product or service with “massive new profit opportunity.”
Pacific Crest currently has an Outperform rating on Apple.
Hargreaves bases his premise on his expectation of an earnings multiple contraction if new products are not hugely profitable.
Shares of Apple, which have risen 13 out of the last 14 days, are trading slightly lower in the pre-market at $103.12.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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