Kaufman Bros. analyst Shaw Wu raised its Apple, Inc stock target price on Monday.
In a memo issued today the target price has been pushed up 27 percent from $120 to $152, identical to Caris & Co.'s Robert Cihra, who had previously had Appleâ€™s stock target price between $120 and $150.
â€œ[T]he iPhone and App Store might still be under appreciated, shaking up the entire billion-cell phone industry,â€ he wrote in a research note to clients, Barrons reports.
While Chira carries Apple, Kaufman suggests several factors offering potential growth for Apple.
The bottom line is that even through Apple greatly outperformed, up 45 percent since late November vs. a 20 percent return in the Nasdaq and 7 percent in the S&P 500, we believe there is still room for sizable upside as investors gain more confidence and AAPL trades closer to its normal 20x-25x multiple, Wu writes in the memo.
According to Kaufman, a new room for Apple growth reflects with the upcoming WWDC in June that could open great opportunity for iPhone 3.0 firmware another is the upcoming Mac OS X Snow Leopard and the rumored netbook.