In a note to clients on Monday, Raymond James analyst Chris Caso raised his target price on Apple shares to $280 from $250 while maintaining an outperform rating.
Caso sees “more stable near-term conditions” for Apple, including encouraging iPhone 11 channel checks. Amid reports that the company plans to launch a new low-end SE model early next year, Caso argues that Apple will be able to “create a bridge to the 5G cycle,” which will “continue to squeeze shares higher,” in his view.
“We increasingly view the 5G opportunity as a two-year cycle, with 5G representing an estimated 40% of mix in the fall 2020 cycle, growing to the vast majority in the 2021 cycle,” Caso wrote of his longer-term expectations.
MacDailyNews Take: In premarket trading, Apple’s share price is up 0.67% and near its all-time high of $238.13.