Apple rose 2 percent Tuesday, hitting its highest level ever in intraday trading and closing at a record high of $143.80. The move came after UBS analyst Steven Milunovich, who has a $151 price target on the stock, released a research note arguing that Apple could rise to $200 in the next few years.
Gene Munster, who was Piper Jaffray’s widely followed Apple analyst before leaving to launch Loup Ventures, said Tuesday on CNBC’s “Power Lunch” that such a move could well be in the cards.
“Our range is $180 to $200,” he said. Due to poor performance in the prior year, year-over-year comparisons “get so easy for them over the next few quarters — they go from 3 percent to 12 percent growth from now until September.”
In addition, “you’ve got all the hype around the phone. It’s 171 days, most likely, until the next iPhone is released.”