KeyBanc upgrades Apple to buy, stock surges

“Shares of Apple Inc. jumped in early trade Monday, after the technology giant was upgraded at KeyBanc Capital, which said an aggressive move to a more ‘subscription-like’ strategy can offset stagnating iPhone sales growth,” Tomi Kilgore reports for MarketWatch.

“Analyst Andy Hargreaves raised his rating on Apple to overweight, the equivalent of buy, after being at sector weight for the past 4 1/2 months,” Kilgore reports. “He set a base-case price target of $187, which is 19% above Friday’s closing price of $156.99.”

“Hargreaves said Apple’s most “inelastic” customers are likely to be the ones who look to purchase the iPhone X first, which he believes will create a favorable initial mix of higher-priced iPhone X sales that should please investors over at least the next few quarters,” Kilgore reports. “That should help keep market valuations above historical averages, which raises his “bear-case” target for the stock by 24% to $136. His bull-case target is $227.”

Read more in the full article here.

MacDailyNews Take: Once Apple gets enough iPhone X units assembled, most people aren’t going to be able to wrap their heads around the numbers the company posts.

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