Apple's buyback firepower puts it in a 'league of its own,' RBC says

Apple CEO Tim Cook greets customers at the grand reopening of Apple's flagship Apple Fifth Avenue retail store on September 20, 2019 in New York City.
Taylor Hill | Getty Images

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Wall Street is not giving Apple enough credit for its legendary cash pile and its ability to repurchase stock, RBC argued in a new note.

The banks raised its price target on the stock, saying the available cash gave the company a lot of room for error to keep up with other large stocks. While many large companies have suspended buybacks amid concerns about cash flow during the pandemic, the tech giant reported more than $192 billion of cash at the end of its second-quarter. 

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