“With shares of Apple stock continuing to gain value, RBC Capital Markets has been prompted to raise its price target on the iPhone maker for the second time in as many weeks,” Neil Hughes reports for AppleInsider.
“Analyst Amit Daryanani issued a note to investors on Monday revealing its new price target of $645, up from a previous forecast of $625,” Hughes reports. “Following Apple’s surprisingly strong second quarter results last month, Daryanani had already increased his target from $590.”
Hughes reports, “The analyst’s latest revision, which comes alongside a maintained rating of ‘outperform,’ is intended to reflect Apple’s increased share buyback program and its recently raised debt to fund that initiative.”
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