BofA: Apple has the potential to trade in the $230s

BofA sees potential for Apple to trade to the $230s, representing potential upside of more than 30%, even after significantly outperforming the S&P 500 amid the rally from the mid-June depths.

Matthew Fox for Business Insider:

The most valuable company in the world could soon see big gains ahead if it continues to outperform the broader stock market.
That’s according to Bank of America analyst Stephen Suttmeier, who said in a Wednesday note that Apple has a bullish technical setup that could send the stock to above $230, representing potential upside of more than 30% from current levels.
Suttmeier’s favorable outlook on Apple is based on the stock hitting a new relative all-time high when measured against the S&P 500. The relative outperformance of Apple against the broader market has been impressive since the June 17 low, with Apple up 31%, more than double the S&P 500’s gain of 15%…
[I]f Apple stock can break above its December 2021 peak of around $183, Suttmeier expects a measured move price objective in the $230s for the iPhone maker.

MacDailyNews Take: Technical, schmechnical.
Apple has the potential to trade well beyond the $230s. iCal it.
Buy and hold. AAPL longs will be rewarded handsomely (as many already have).
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