Goldman Gets Behind Apple
Apple Inc (AAPL) is the one stock that is bucking the downtrend today. It just hit a new 52-week high and its got the blessing of the all powerful Goldman Sachs (GS).
Today Goldman declared Apple the greatest stock in the world. Well, not quite but close enough, the firm reiterated a 'Conviction Buy' rating on the iPad creator. Apple shares are now up 2% and trading at $662.32. Even with that incredible share price Apple still trades with a reasonable P/E ratio of 15.
Apple conitinues to bank massive coin on iPads, iPods, and get ready for the iPhone 5. But wait, there's more! Commenting on recent WSJ reports about an Apple set-top box, Goldman thinks it's most likely evidence Apple plans to offer both a set-top box and a TV set. Some reasons for Apple to produce a set-top box, in spite of the cable industry's wariness: they're cheaper than TVs, have shorter upgrade cycles, and (like the iPhone) are typically subsidized.
Yet another reason to send Apple to $1,000 by 2015 (or before).
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