Apple Inc. (NASDAQ:AAPL) is set to release the iPhone 8 on September 12. Apple stock has risen 41% in 2017 and 53% year over year, but the company may still be undervalued. The stock rose more than 10% in August and received a boost after the date of the iPhone 8 unveiling was announced. Apple helped technology become the best performing sector of the U.S. market in August.
There is also some degree of enthusiasm over the tax plan to be unveiled by the Trump administration. One of the central aims of the Trump administration has been to repatriate money that U.S. companies are holding overseas due to lower taxes. Some estimates put Apple’s cash holdings overseas at close to $300 billion. President Trump has originally pitched a 15% corporate tax rate, which would represent a massive decrease from the current 35%. Chief economic advisor Gary Cohn has tempered expectations in this regard, saying that the plan is to get it “as low as possible”.
Still, the Republicans have still not crafted a formal piece of legislation which will likely delay any reform until 2018.
iPhone 8 sales are expected to be included in Apple’s next earnings report in the fall. Apple is also expected to announce the Apple Watch 3 and a new version of the Apple TV.
