According to a report published by the Business Post, Global technology giant Apple (AAPL) is seeking a five-year extension of the planning permit for a $1 billion data center in Galway, western Ireland.
If Apple gets this extension, it will have until 2026 to build the data center. As of now, the company is required to construct the facility by September 2021. (See Apple stock chart on TipRanks)
Morgan Stanley analyst Kathryn Huberty recently reiterated a Buy rating on the stock and raised the price target from $161 to $162 (21.7% upside potential).
In a research note, Huberty said, “Investors are concerned about Apple’s fiscal year 2022 growth prospects, given the expectation for an iPhone s-cycle and waning cyclical work from home tailwinds. We’re not as concerned and see a good long-term buying opportunity.”
Overall, the stock has a Moderate Buy consensus rating based on 20 Buys, 5 Holds, and 2 Sells. The average Apple analyst price target of $157.92 implies 18.6% upside potential from current levels. The company’s shares have gained 47.2% over the past year.
According to TipRanks’ Smart Score rating system, Apple scores a “Perfect 10”. The rating suggests that the stock is likely to outperform market averages.
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