Canaccord ups Apple price target on stronger than anticipated iPhone 11 sales

The Apple-designed A13 Bionic sets a new bar for smartphone performance and power efficiency.
The Apple-designed A13 Bionic that powers iPhone 11, iPhone 11 Pro, and iPhone 11 Pro Max sets a new bar for smartphone performance and power efficiency.

Tony Owusu for TheStreet:

Shares of Apple are rising after analysts at Canaccord raised the company’s price target due to “stronger than anticipated initial sales” for the company’s new iPhone 11 lineup.

Canaccord now has a $260 price target on Apple, up from its previous view of $240… Wall Street’s top price target on Apple is $270.

The new price target represents a potential 16% upside from the stock’s previous closing price of $224.40.

MacDailyNews Take: $260 per share would be an 16% increase over yesterday’s closing price of $224.40 and easily restore Apple to their rightful throne as the world’s most valuable company. From Canaccord’s collective lips to Mr. Market’s ears!

4 Comments

  1. It’s nice to hear about a rise in a price target, yet I’m still somewhat puzzled about the Goldman Sachs analyst reiterating a $165 target price. It makes little sense to me why there is such a wide variance of price targets with Apple. You won’t find that wide variance with other major tech companies. Meaning, there are two analysts with very low price targets for Apple. Microsoft’s price target chart is much higher overall with no super-low price targets.

    I realize none of this makes any difference and what matters is the current share price. I’m just saying Apple’s price target charts always have some really low price targets and I find it puzzling. It just seems as though Apple always seems to generate a lot of doubt that causes such low price targets. At least that’s what I think. Microsoft looks far stronger than Apple and I suppose that’s because Wall Street loves any tech company with a cloud business. Anyway, this is just my observation and nothing more.

    1. If you go to CNBC.com and watch Rod Hall of GS speak of how 5G is a brand and most consumers will never notice. Look at his description. Next to his name is Former JP Morgan Analysis and then his position at Goldman Sachs. Since his 12 month price target which he reiterated is 38% below Apple’s current price I imagine that if Apple drifts up to $250/$260 GS will announce a new analyst for Apple. Just as another firm did for Microsoft on Monday and the new analysis boosted his price target. If Rod Hall is wrong which he has been for 2 years, he will be scene as an embarrassment for GS. As a long time shareholder of Apple I hope he is wrong.

    2. It’s simple. Their lowball target price will cause some AAPL holders t(including some GS customers as well) to dump their stock. GS executives can snap them up at lower prices and enjoy the ride as the price rises with vigor over time. They can’t be accused of persuading anyone directly and acting against their clients’ best financial interest. And they enrich themselves until it is time to declare that the price is again too high. Wash, rinse, repeat. It is called soft manipulation.If you look at MicroSoft’s P/E ratio it is at 27.32 times current earnings. Apple’s is 19 times earnings. Which one seems worthier of a higher ultimate price?

      1. I don’t think that it is really that simple. Unless large numbers of people dump AAPL, the stock price won’t move that much. Exactly how are GS executives supposed to be able to snap up AAPL shares at lower prices? They have to buy at market, like everyone else. The could deal in stock options, I suppose. But that is not the same as buying stock.

        While the low Gzs price target for AAPL is rather puzzling, I am not ready to buy into your stock manipulation explanation.

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