J.P. Morgan raises Apple price target to $165

“Investment firm J.P. Morgan has raised its price target on shares of Apple to $165,” Neil Hughes reports for AppleInsider.

“Analyst Rod Hall believes that Apple will sell 260 million iPhones in fiscal year 2018, up from his previous projection of 245 million,” Hughes reports. “The new $165 price target is also up from a former 12-month forecast of $142 per share.”

“According to a proprietary replacement model developed by J.P. Morgan, the average relevant base age for an iPhone by this September will be around 6.4 quarters. ‘This is the highest we have seen in four years, driven by two years of relatively weak replacement behavior on our calculations,’ Hall wrote,” Hughes reports. “As a result, Apple could be primed to draw in massive new upgrades with an anticipated ‘iPhone 8’ redesign.”

Read more in the full article here.

MacDailyNews Take: 260 million iPhones in fiscal year 2018. That’s huge number, but certainly doable with the right products!

[Thanks to MacDailyNews Reader “Dan K.” for the heads up.]

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