PhillipCapital has initiated “buy” on Apple Inc. on Aug 20 with a target price of US$187 ($255.05), representing a 28.1% upside to its last-closed price of US$146.70.

The target price is based on a discounted cash-flow (DCF) valuation with a weighted average cost of capital (WACC) of 5.8% and terminal growth of 3.0%, writes research analyst Timothy Ang.

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