Evercore Analyst a True Believer in Apple’s Eventual AR/VR Play

09 MAY 2022 - We may have to give Evercore analyst Amit Daryanani a new designation where Apple is concerned. For his belief in Apple’s prospects in a device or devices dedicated to augmented reality and virtual reality, we may need to dub him a “true believer.” Apple 3.0 posted part of a note from the analyst, wherein he named whatever Apple does in AR/VR as an “underappreciated growth vector” for Apple stock. Quoting his note:

AAPL has been working on AR/VR solutions for the last 4+ years and we expect the hype into a formal launch in late 2022 to serve as a catalyst to the stock price.

Apple is rarely first to market with a product, but they almost always release a product that defines the category. We expect a similar dynamic in AR/VR as companies like Meta are already selling headsets, but we think the market remains in its infancy and there is still plenty of time for Apple to release a product.

See? True believer. Conservatively, if Apple’s AR/VR offering is as big a hit as Apple Watch he thinks Apple’s window to the metaverse could add ~$18B to sales. If it’s a AirPods-sized hit, it could contribute as much as $38B in sales in AdRock’s estimation. 

Daryanani has an “Outperform” rating on Apple shares. His price target on the shares is $210.