Shares of Apple Inc (NASDAQ: AAPL) are down nearly 5.0% since the start of the week as investors started parting ways from technology on higher yields and inflation. The stock, however, is still the favourite in tech titans for Loup Ventures’ Gene Munster.
Munster’s bullish case for Apple on CNBC’s “Squawk Box”
Munster sees Apple Inc as “inseparable to how we live our lives” and has a positive stance on the stock over the long term. On CNBC’s “Squawk Box”, he said:
Not only the hardware, software and service element of their business but there’s also opportunity in 5g. I strongly believe they’ll also reveal augmented reality goggles next year. When you look at the auto opportunity with Apple, the earnings power; I think this should be a $200 stock.
Munster’s outlook on Apple matched Dan Ives’ who also said last week that Apple could hit a $3.0 trillion market cap in 2022.
Munster recommends tech investors keep cautious in the near-term
In the near term, however, tech investors should be cautious due to the looming risks related to the U.S. debt ceiling and inflation, Munster added.
There’s a fortified gap between the Democrats and the Republic Party. If they don’t come to terms on the U.S. debt ceiling, it could be negative for the tech stocks because it adds a sense of uncertainty. And we know how investors think about that.
Munster expects interest rates to go up in the near term adding to the pressure on the big tech names but is convinced that rates will come back down in the long run.
The post Apple price prediction: Gene Munster sees upside to $200 appeared first on Invezz.
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Wajeeh Khan
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