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10 exciting reasons to buy Apple stock immediately


According to Bank of America Merrill Lynch tech analyst Wamsi Mohan, here are 10 exciting reasons to buy Apple stock immediately.

“(1) Product revenue growth despite COVID-19 related store closures and stay at home orders during fiscal third quarter reaffirms our confidence in installed base stickiness, (2) stimulus benefit shows continued price elasticity of demand for iPhones, (3) new iPhone delay creates weakness in September but upside to the December quarter, (4) management expects strong non-iPhone product performance to sustain into fiscal fourth quarter, (5) iPad and Mac installed bases attracting new users and growth continues to outperform expectations (6) Services grew slower than anticipated but margins have upward bias, (7) Apple saw new all-time revenue records in the App Store, Apple Music, Video, and Cloud services. (8) capital returns strong (returned $21 billion to shareholders in calendar first quarter with $15.9 billion in buybacks, $3.7 billion in dividends), (9) Apple announced a 4-for-1 stock split, (10) balance sheet remains solid with net cash of $81 billion and strong free cash flow generation,” Mohan writes.

The analyst reiterated his Buy rating on Apple’s stock and moved his price target up to $420 from $410.

SAN FRANCISCO, CA - FEBRUARY 01: The Apple logo is displayed on the exterior of an Apple Store on February 1, 2018 in San Francisco, California. Apple will report quarterly earnings after the closing bell. (Photo by Justin Sullivan/Getty Images)
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