Shares of Apple Inc.
are up 1.3% in premarket trading Friday and on track to open above the company’s record close of $232.07 notched about a year ago. The stock would still have some room to gain before reaching its current intraday high of $233.47, also achieved last October. Wedbush analyst Daniel Ives wrote an upbeat note on Apple’s streaming potential on Friday morning, raising his stock price target to $265 from $245, arguing that the company has the opportunity to pick up 100 million streaming customers in the next three to four years based on an installed base of about 900 million active iPhones globally. “In our opinion, the lower price points, potential content arsenal (through organic and M&A), and massive installed base could enable Apple to disrupt roughly 10% of Netflix’s
target customer base within the next 12 to 18 months and along with Iger/Disney
create a much more competitive pricing environment and market share landscape for the golden child Netflix going forward,” he wrote. Apple’s stock is up 14% over the past three months, while the Dow Jones Industrial Average
is down 2.2%.