Apple Inc. /quotes/zigman/68270/delayed /quotes/nls/aapl AAPL stock at $99 is a bargain given the company’s long-term potential, according to analyst Amit Daryanani at RBC Capital Markets.
We believe multiple catalysts remain as the company benefits from: 1) iPhone 6 ramps; 2) iPad refresh cycle; 3) potential iTV
launch or other major product lines; and 4) improvements in capital allocation policy.
Daryanani expects Apple to sell 65 million iPhone 6 between its launch in September and December but it may be able to sell as many as 75 million units on the novelty factor of iPhones with larger screens.
He also believes Apple will set a new record and sell 10 million iPhones in the first weekend after the new models go on sale. Last year, Apple sold 9 million units the first weekend after the newest models hit the shelves.
Apple is widely expected to unveil two new devices–one with a 4.7-inch screen and another with a 5.5-inch display–at an event on Sept. 9.
Daryanani rates the stock at a buy with a price target of $110.
– Sue Chang
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