Apple: Digital Key on its Way to Hyundai Cars

Apple’s (AAPL) CarKey feature could be expanded beyond BMW cars. Bloomberg’s Mark Gurman has mentioned that the digital key, which lets people start their car from an iPhone Wallet app, could be integrated into Hyundai’s Genesis cars, starting this summer.

Apple is a U.S. company that designs, manufactures, and sells iPhones, personal computers, and tablets. It also deals in wearables accessories and an array of related services. The Apple earnings report for Fiscal Q1 2022 is scheduled for January 27, 2022. Apple dividends have increased steadily, leading to a dividend yield of 0.5%. AAPL shares rose 0.51% to close at $173.07 on January 14.

Apple CarKey

Apple launched the feature last year and integrated it into select BMW models.

Some Hyundai cars already offer Genesis Intelligent Assistant, which allows people to start or unlock car doors remotely. The addition of Apple’s CarKey would improve the functionality of that system. However, it is still unclear whether Hyundai will take advantage of the ultra-wideband technology in the CarKey feature to allow people to unlock their cars without removing their phones from their pockets.

Apple’s growing footprint in the auto industry, with its unique solutions, explains why it is one of the best blue chip stocks. The diversified nature of its product line-up and services offerings affirms its ability to generate long-term value.

Stock Rating

Last week, Goldman Sachs analyst Rod Hall reiterated a Hold rating on Apple stock with a $142 price target, implying 17.95% downside potential to current levels. According to the analyst, iPhones continue to elicit and meet strong demand. However, the analyst has warned that MacBook Pro still has a way to go to meet demand.

Consensus among analysts is a Strong Buy based on 22 Buys, 4 Holds, and 1 Sell. The Apple price target of $179.42 implies 3.67% upside potential to current levels.

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