Canaccord Genuity Believes Apple (NASDAQ: AAPL) Still Has Room to Grow

In a report released yesterday, Michael Walkley from Canaccord Genuity maintained a Buy rating on Apple (AAPLResearch Report), with a price target of $175.00. The company’s shares closed last Wednesday at $145.40, close to its 52-week high of $150.00.

According to TipRanks.com, Walkley is a 5-star analyst with an average return of 23.3% and a 65.9% success rate. Walkley covers the Technology sector, focusing on stocks such as SailPoint Technologies Holdings, Sequans Communications S A, and Synchronoss Technologies.

Currently, the analyst consensus on Apple is a Moderate Buy with an average price target of $159.42, which is a 9.5% upside from current levels. In a report issued on July 6, J.P. Morgan also maintained a Buy rating on the stock with a $170.00 price target.

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Based on Apple’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $89.58 billion and net profit of $23.63 billion. In comparison, last year the company earned revenue of $58.31 billion and had a net profit of $11.25 billion.

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Apple, Inc. designs, manufactures, and sells smartphones, personal computers, tablets, wearables and accessories. It also offers a range of related services. Its products include iPhone, Mac, iPad, Apple TV, Apple Watch, Beats products, HomePod and AirPods. The services segment is comprised of AppleCare, cloud services, digital content offerings like the App Store and other content services like Apple Arcade, Apple Music, Apple News+, Apple Fitness+ and Apple TV+, payment services such as Apple Card and Apple Pay as well as advertising and licensing services. The company was founded by Steven Paul Jobs, Ronald Gerald Wayne, and Stephen G. Wozniak on April 1, 1976 and is headquartered in Cupertino, CA.