January 17, 2018 / 12:14 PM / a year ago

BUZZ-Apple: BAML raises PT to $220, most bullish

** BofA-ML analysts raise their price objective on Apple by 22 percent to $220/share

** BAML remains bullish on potential for cash repatriation, lower tax rates, and the potential for positive estimate revisions heading into 2019

** “We view 2018 as a year that could witness the largest cash repatriation with Apple potentially repatriating $240 bn,” per BAML

** Expects Apple to use cash for M&A, buybacks or dividend increases

** Though iPhone remains the key driver for Apple for the next few years, longer-term investors should pay more attention to Services revenue (company expects to double 2016-20) - BAML

** The broker’s target price is the most bullish among 39 analysts covering the stock, according to Thomson Reuters data

** At BAML’s $220 objective, Apple’s market value would be break well above the closely watched $1 trillion figure

** Apple shares rose 46% in 2017 versus 19% rise for the S&P 500

** Earlier in the day, Longbow Research downgraded Apple to “neutral” from “buy”, saying it now forecasts only a “good, not great iPhone cycle”

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