Although Benjamin Reitzes slips from the second-place position he held for seven years to No. 3, one backer contends that “more than any other analyst, Ben is the most plugged in to the technology information flow.” The Barclays researcher tracks 19 stocks in this sector and picked up data networking coverage in January. He maintains an equal weight rating on the information technology group, reasoning that “hardware has its share of secular challenges — but there are some compelling opportunities for cash return too.” As last year, and going back to January 2004, Reitzes is bullish on sector giant Apple. In May, with the stock trading at $444.09, he bucked a consensus downward trend and boosted his target price for the Cupertino, California–based computer and mobile-device manufacturer’s shares, from $465 to $525. “We believe the near-term set-up is still quite positive,” he advised clients, citing in part his expectation of improved gross margins and the potential upside to multiples from Apple’s recently increased share-repurchase authorization. By the end of August, the stock had climbed 9.7 percent, to $487.22, and paced the sector by 1.7 percentage points. — Pam Baker |
Apple Pam Baker Benjamin Reitzes Barclays California
