- The shares of Apple (NASDAQ: AAPL) have received a $210 price target from Evercore. These are the details.
The shares of Apple (NASDAQ: AAPL) have received a $210 price target from Evercore. And Evercore analyst Amit Daryanani reiterated an “Outperform” rating on the shares.
Daryanani adjusted the rating on the belief that investors are underestimating the live sports opportunity.
“Live sports rights are an area where Apple can leverage its significant financial firepower to win rights and also has the technical infrastructure to deliver a great user experience. Yesterday’s announcement that TV+ will host Friday night MLB games is the first official push into live sports,” wrote Daryanani in a recent research note. “A much bigger next move would be to acquire NFL Sunday Ticket rights to stream all out of market NFL games. Apple is reportedly the front-runner to acquire these rights alongside Amazon and it is unlikely any other company can bid competitively vs those two although Disney and DirecTV have both reportedly held discussions with the NFL to discuss the rights. The addition of Sunday Ticket rights would likely be a major growth driver for TV+ for both revenue and ARPU as Apple would likely add a premium tier of service. Net/net: Most of the criticism of TV+ seems to come from a misunderstanding of what Apple is trying to do. The goal is not to become Netflix, but instead to focus on high quality scripted content and desirable sports rights.”
Plus Daryanani pointed out that from this perspective, they believe Apple is making a lot of good moves and continue to see Apple TV+ as a good way to further Apple’s goal of monetizing its 1+ billion install base.
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