Apple shares have been on an absolute tear this year. After falling more than 30% in the last quarter of 2018, Apple has come back to life in 2019. The stock has risen 50% year-to-date and closed trading at $236.41 last week.
The stock has reclaimed its trillion-dollar valuation and reached an all-time high of $238.13 this month. Now, investors will watch the company’s earnings and its forecast for fiscal 2020.
Raymond James analyst Chris Caso [this morning] increased Apple’s target price from $250 to $280. He reiterated an “outperform” rating on the stock. The analyst is bullish on the company. He expects a 5G enabled iPhone and a low-cost SE model to drive sales.
Apple stock is trading 1% higher in early-market trading today. Analysts have an average target price estimate of $230.2 for the stock, which is lower than the current trading price. However, we can expect several analysts to revise the target price depending on the company’s 2020 forecast.
MacDailyNews Take: Apple this morning hit a new all-time intraday high of $240.00 and is trading close to that figure currently. $10 to go! It might hit $250 before earnings!
Apple’s conference call to discuss fourth fiscal quarter results is scheduled for Wednesday, October 30, 2019 at 2pm PT / 5pm ET. As usual, we will have live notes during the call, so join us on the 30th to comment along with the group!