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Apple Raised to Street-High Target of $375 as Optimism Grows

Apple Raised to Street-High Target of $375 as Optimism Grows
(Mikhail Primakov/Dreamstime)

Tuesday, 14 January 2020 10:26 AM

Apple Inc.’s price target was raised to $375 at DA Davidson, the highest on Wall Street and the latest example of optimism about the iPhone maker’s prospects.

Analyst Tom Forte cited the potential of 5G wireless technology as one of the reasons for the increase, writing in a report that Apple “can exploit this multi-year opportunity and generate positive smartphone unit growth for, at least, its next two product launches.”

Shares of Apple (AAPL) rose as much as 1% on Monday, hitting an all-time intraday record of $313. The stock is on track for its fourth-straight gain and has jumped more than 6% in 2020, building on its best-in-a-decade advance of 86% last year. Strong iPhone sales in China have helped fuel the most recent advance.

“There may be more gas left” in the company’s tank after that rally, wrote Forte, who reiterated his buy rating on the stock.

Davidson’s higher target, which was raised from $300, follows similar moves from at least eight other firms this year. The average target is now roughly $284, up from $268 at the end of 2019, according to data compiled by Bloomberg. The average represents a downside of about 9% from current levels.

Apple’s first-quarter results will be released Jan. 28.

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Apple Inc.'s price target was raised to $375 at DA Davidson, the highest on Wall Street and the latest example of optimism about the iPhone maker's prospects.
apple, stock, share, price
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2020-26-14
Tuesday, 14 January 2020 10:26 AM
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