His price target is $607.
If you follow the tech sector at all – Munster’s Apple optimism comes as no surprise. You probably even expect his overweight rating – after all he often expounds on the company’s virtues and must have gadgets.
But $607? Considering the stock was slightly below $400 at the time of writing that’s a big move.
But Munster is resolute.
In fact, Munster thinks Apple TV alone will be very exciting if not a game changer – for both gadget gurus and the stock.
“We’re hearing it has DVD, Internet and gaming integrated into a seamless experience,” he says.
And equally important, Munster is expecting Apple to do something with all that cash they have on the balance sheet.
“By next year, Apple will have $120 in cash and they’ll have to do something,” he says. “I don’t think they’ll buy back but I do think they’ll issue a one time dividend.”
Add up all the catalysts and Munster says although his firm has 12 picks for 2012, of them all Apple is the best.apple stock