Apple just smashed through to fresh records.
The iPhone maker surged nearly 2% to begin the week after Raymond James analysts upped their price target to $280, the most bullish on the Street. The firm cited stronger estimates for iPhone 11 sales as reason for the increase.
Craig Johnson, chief market technician at Piper Jaffray, is ready to get even more bullish.
“The trend looks great,” Johnson said on CNBC’s “Trading Nation” on Monday. “The stock has just broken out to new all-time highs, and in fact when you look at the size of the consolidation it just broke out of and you do a measurement on it, you can certainly argue for a price objective that, purely based on the charts, [takes you] north of $300 so I’d still be a buyer of Apple in here.”
MacDailyNews Take: Clearly, sentiment is changing as Apple diversification proceeds apace and investors finally begin to realize it.
May the market someday wake up, understand Apple for a chance, and properly value the company! — MacDailyNews, March 8, 2019 (on which date AAPL closed at $171.59)