R.W Baird Senior Analyst overlooks widespread bearish outlook on Apple Inc. (NASDAQ:AAPL) and goes ahead to peg an outperform rating on the tech giant.
Apple Inc. (NASDAQ:AAPL) has been in the crosshairs of bears since last September when its share price began a prolonged freefall in the wake of its iPhone 5 launch. Through the months, bears have developed a widespread bearish outlook on the stock, as demonstrated by the tremendous dip in share price. Nonetheless, R.W Baird senior analyst, Will Power, rallies a bullish sentiment toward the stock. Power argues that there is still value in the battered tech behemoth, tracing this value to what he describes as ‘very good’ demand.
Through his research team, Power has pegged an “outperform” rating, coupled with a $750 price target on Apple Inc. (NASDAQ:AAPL)’s shares. The senior analyst also shared insight on his slant saying, “We like Apple on the weakness.” Speaking to CNBC’s ‘Squawk on the Street’, an evidently enthusiastic Power said he saw strong demand for Apple Inc. (NASDAQ:AAPL) shares. “The stock’s been beaten up as we all know over the last couple of months, but all of our checks suggest that demand remains very good,” he remarked. Power’s positive outlook comes at a time when different analysts are expressing varying views, most of them negative.
Varying outlooks among different analysts not new
As we reported recently, different analysts have come up with wildly varying outlooks on Apple since it started its freefall at the wake of the iPhone 5 launch. Having dropped more than 20 percent since reaching its unprecedented high, analysts have had a hard time placing their fingers on an accurate price target, with most of them downgrading the stock.
Steering away from the whole Apple Inc. (NASDAQ:AAPL) issue, Power also made mention of the wireless carriers. He commended Verizon Wirelesses’ involvement with Vodafone, citing that Vodafone was cheaper by valuation than either AT&T Inc. (NYSE:T) or Verizon Communication Inc. (NYSE:VZ). Power also raised a brief argument on Neustar, citing that in addition to having good cash flow, the company exhibited good growth and its share price was reasonable.
At the time of writing, Will Power did not own Apple Inc. (NASDAQ:AAPL) shares.