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Apple (AAPL) is Officially on Goldman’s Conviction Buylist
posted in Apple (AAPL) |The infamous Goldman Sachs Conviction Buy List is reserved for only the most select companies. The tendency is for the list to be immediate buys to take advantage of catalysts that may be in store for a company in the near future. Apple was just added to the list today, and the reasons are quite clear.
Apple was added to the list in direct preparation for the new release of Apple’s 3G iPhone, which is expected on June 9th, 2008 (Worldwide Developers Conference). The new phone has been expected to grab the attention of the business world by surprise and finally close the business gap between Blackberry products. The Blackberry products have long garnished the support of the business world as the best phone for the on-the-go corporate user. This support may all hang in the balance of the 3G advantage, which will all soon change.
Along with Goldman’s addition of AAPL to the conviction list, the analyst update includes a new price target to $220 per share. This number is about a $40 per share difference from Apple’s closing price of $181.17 per share today. The price target from Goldman Sachs was previously $185 per share for Apple stock, but this new target may have given investors restored confidence in the stock.
As was mentioned before Apple is being added to the conviction buy list to:
…capture the catalyst around the 3G iPhone launch next month and the upside potential from sharply higher projected iPhone sales in back half of the year.
(Source)
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