Analyst Touts Apple to $797; Competitors Gaining Too! (AAPL, RIMM, NOK, VHC)
Apple Inc. (NASDAQ: AAPL) is set to open at new all-time highs this morning after it won a $1 billion patent verdict against Samsung on Friday. The news is driving shares up almost 3% to $682.00 or so, versus a prior 52-week range of $354.24 to $674.88. It had already claimed ';The Most Valuable Stock in the World EVER" title, but one analyst sees shares going much higher, and we are seeing some key rivals show gains.
Canaccord Genuity's technology analyst is Michael Walkley, and he has reiterated his Buy rating with an assigned price target of $797.00 per share.
Walkley said:
While a ban would likely increase Apple's leading smartphone share in the U.S. market, we believe this verdict could lead to Samsung also delaying near-term product launches as it attempts to design around Apple's patents. We also believe other Android OEMs, such as HTC, Sony, and LG, will review this patent verdict and potentially alter and delay planned Android smartphones and tablets … We believe Apple is well positioned for very strong F2013 sales and earnings growth driven by new product introductions, including the recent refresh of the MacBook Air and Pro series, an LTE iPhone 5, iPad Mini, and potentially Apple TV in F2013.
Apple is not the only winner here. With certain Samsung devices set to potentially be banned here in the United States, and with several of the same patent cases pending in other countries, the focus is on other patent holding companies.
Research In Motion Ltd. (NASDAQ: RIMM) is up a sharp 6.6% at $7.40 this in premarket trading, and Nokia Corp. (NYSE: NOK) is up more than 10% at $3.41.
We would also note that VirnetX Holding Corp. (NYSEMKT: VHC) has patent cases against Apple.
JON C. OGG
Filed under: 24/7 Wall St. Wire, Analyst Calls, Consumer Electronics, Law, Technology, Technology Companies Tagged: AAPL, NOK, RIMM, VHC
