Goldman Sachs is finally jumping aboard the Apple Stock Express.
Weeks after being the first company to reach a $1 trillion valuation and on indications billionaire Warren Buffett has bought more of Apple's (AAPL) - Get Report stock, Goldman Sachs realizes it's time to be more upbeat.
"We also take this opportunity to eat our hat somewhat on our cautious stance this Summer and raise our 12-month price target to $240. We had expected worse iPhone X demand and some pullback in the stock - clearly neither of these two things happened," said Goldman Sachs analyst Rod Hall in a note Friday. Similar to many around Wall Street at the moment, Hall is bullish on Apple's services business and the potential to lift prices on upcoming iPhones.
"We increase our multiple driven by our increased confidence on the company's Services business momentum as well as our higher than Street iPhone ASP estimates which we expect to get clarity on during the company's September 12 event," Hall said. The analyst has a neutral rating on Apple's stock.
Make no mistake though, the tinge of lingering cautiousness in Hall's note is not without merit. Apple's tremendous 40% surge higher this year has pushed the stock's forward price-to-earnings multiple to its highest in more than a year (see chat below).
Here's what TheStreet's founder Jim Cramer is saying about Apple.
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