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.
“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.