The current stock price of Apple does not reflect the 12% upside offered by its autonomous vehicle ambitions, according to a report.
- UBS Equity Analysts led by David Vogt have a price target of $142 for Apple. This takes into consideration the company’s autonomous vehicle opportunity.
- Analysts noted there are increasing signs that Apple is working on autonomous vehicle technology. It was recently granted a patent for VocelNet that could be used for such a venture.
- Apple Chief Executive Officer Tim Cook hinted that Apple was working on an electric vehicle project but noted many ideas do not see the light of day.
- Analysts said that while Apple has not made a formal announcement, the patents demonstrate that the company is allocating significant resources to projects not reflected in shares.
- Apple rose as much as 1.6% on Thursday, but the stock is down roughly 2.5% year-to-date as investors take profits from mega-cap names that soared in 2020.