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Apple Analysts Mixed: Balanced Valuation or 'a Top Tech to Own'

Two key Apple analysts issued reports on the tech titan, one with a buy affirmation and one seeing the risk-reward proposition as balanced.
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Apple  (AAPL) - Get Report shares were little changed Monday after two key Apple analysts issued reports on the tech titan, one with a buy affirmation and one seeing the risk-reward proposition as balanced.

Bernstein analyst Toni Sacconaghi has a market-perform rating and a target price of $132.

“On net, we feel better about Apple's valuation compared with the beginning of the year, and are more constructive on the stock,” she wrote.

“That said, we still believe [the] risk-reward is largely balanced, given potential downward revisions and potential for a weak iPhone 13 cycle. 

"We see a market multiple or below ($110 per share) as a compelling entry point.”

As for Wedbush’s Daniel Ives, he has an outperform rating and a $185 price target.

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“Apple remains a top tech name to own,” he said. 

“In our opinion, the tech bull cycle will continue its upward move in the second half of 2021/2022, given the scarcity of growth names/winners in this market.

“Our favorite large-cap-tech name to play the 5G transformational cycle is Apple.”

Apple shares recently traded little changed at $130.68. They have edged 3% higher over the past six months, trailing the 12% climb of the S&P 500 as investors expressed concern about the Cupertino, Calif., tech giant's valuation.

In other Apple news, it wouldn’t be able to pre-install its own apps on its own devices if a congressional bill introduced two weeks ago passes, Rep. David Cicilline (D-Rhode Island) said last week.

While Apple's annual Worldwide Developers Conference earlier this month left some on Wall Street wanting more, Jim Cramer explained why he’s still excited about the company.