Analysts are bullish and weighing in on Apple Inc. (NASDAQ: AAPL) after plans were put on hold for its live Internet-based TV service. Bloomberg reported earlier Wednesday that Apple would instead focus on using its App Store as a platform for media companies to sell directly to customers.
Recent Performance
Apple's shares declined -0.04 percent to $118.23 Tuesday during its last trading session. Apple opened its trading session at $117.52. During the session, a minimum price at which Apple's share price traded recorded at $116.86.
The company's share price hit to max level of $118.60. Apple currently has a market worth of $659.45 billion. In the last 12 months, Apple showed a gross profit margin of 40.10 percent, while net profit margin was 22.80 percent.
Experts Weigh In
Gene Munster, the highly respected Apple analyst from Piper Jaffray, gave a presentation on the company's future at Business Insider's Ignition conference. Munster outlined his predictions on Apple's future.
Munster highlighted Apple's achievements such as its Apple TV, iPad Pro, Apple Music, Apple Watch, iPhone 6S and 6S Plus for 2015. He addressed that there are currently 650 million iOS devices being used today, as many as 475 iPhones are gaining market share and Apple is now the third-largest OS install base behind Windows and Android. Additionally, Apple's iPhones global market share is estimated to grow from 14.7 percent to 16.2 percent this year.
Brian White of Drexel Hamilton maintained a Buy rating on Apple's stock on Tuesday with an unchanged $200 price target. Drexel Hamilton remains one of the Street's most bullish Apple analysts given his Buy rating and $200 price target. The analyst reiterated his stance on the company, stating that Apple is "one of the most undervalued technology stocks in the world."
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