Evercore ISI analyst Amit Daryanani raised his price target on Apple from $275 to $305 on Wednesday, writing in a noted to clients that the company’s wearables and services businesses should boost revenue.
He predicts about 6% revenue growth for fiscal 2020, which ends in September.
In the more immediate term, Daryanani is encouraged by signs of strength for the company’s products during the holiday stretch. He points to Adobe estimates showing that AirPods were a top seller on Black Friday and said that the iPhone 11’s lower price “has been particularly well received in China.”
Apple shares are up 0.6% in Wednesday trading, and it’s gained 71% so far this year.
MacDailyNews Take: Apple’s fiscal year high-water mark was set in 2018 at $265.5 billion. For the 2019 fiscal year, Apple came close to that record with $260.17 billion. A 6% increase over 2019 would put fiscal 2020 at $275.78 billion. As ol’ Lar’ would say, “Pretty, pretty, pretty good.”
Just wait until “iPhone 5G” launches in fiscal 2021!
Apple’s global revenue for fiscal years 2004 to 2019 is here.