Why is Apple (AAPL) Rallying? 'History'

It's been difficult to be a bull on Apple (NASDAQ: AAPL) over the last 6 months as sellside analysts have been tripping over each other to reduce price targets and talk down unit shipments for the once loved tech giant. But Piper Jaffray analyst Gene Munster has stuck to his Buy rating and despite the company underpreforming (by half) in the recent 8% rise in the S&P, he recently predicted that shares would outperform the index between now and the iPhone 7 launch.

The analyst noted that history shows the stock tends to outperform the S&P 500 on average by 14% with 12 weeks left until launch.

Today it seems his call is starting to work with a 1.75% rise compared to the .75% rise for the S&P.

Click here for highlights on the Piper call from July 6.

For an analyst ratings summary and ratings history on Apple click here. For more ratings news on Apple click here.

Shares of Apple closed at $96.87 yesterday.

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