Apple (AAPL) – Get Report received a price target increase to $160 from $145 from an Evercore ISI analyst who said the tech giant’s proposed Apple Car could have the same disruptive impact as the company’s iPhone.
Shares of the Cupertino, Calif. company were up 2.63% to $142.66 in trading Monday.
Analyst Amit Daryanani, who kept an outperform rating on the shares, said in a note to investors that his near-term “bullish bias” is driven by expectations for an iPhone supercycle, the monetization of its installed base and gross margin expansion, according to the Fly.
The analyst also said that recent discussions around Apple Car “have become louder” and sees increased odds that Apple will have a product in the automotive space in the next five years.
Daryanani said the auto market will be a driver for multiple expansion given the potential for Apple to “disrupt the Automotive