If Apple wasn’t powerful enough as it is, this should give the tech giant an extra boost. Speculation about a self-driving Apple car isn’t just getting consumers excited—it also has investors planning full-scale stock upgrades.
UBS analyst David Vogt is one who is particularly optimistic about the stock potential this Apple automobile offers. He told fellow investors to “bit the big Apple”, and later added that “Apple’s auto optionality is worth at least an incremental $14 per share.”
Vogt later also raised his price target for Apple stock from 115 to 142. Like many others, he recognizes the sheer dominance that Apple has displayed on modern tech over the last two decades, and sees no reason to doubt their potential at this current juncture.
To further illustrate the impact this news had on the finance community at large, earlier this week Apple stock elevated to around 122.75, a whopping 2.4%.
Vogt also had this to say on Apple’s future prospects: “Over the next 10 years, we forecast the global automotive market will likely transition to almost 100% EV (electric vehicles), opening up a greater than 90 million unit market to new entrants with large installed bases of loyal satisfied customers like Apple.”
“Although Apple is not the first mover, its significant resources should enable the company to be a ‘fast follower’ in time for the steep portion of the S-shaped adoption curve, similar to the iPhone launch in 2007,” Vogt later added.
