Apple’s share price surge has sent the stock to new highs, up some 90% since the end of 2018 and 50% over the past six months. This has left many Wall Street analysts struggling to keep up. The average analyst target price on the stock is $266, about 10% below the current level.
The rally leaves a substantial group of analysts with Buy ratings on the stock but targets below the current price—and something has to give. The most likely scenario: higher price targets.
On Friday, analysts at RBC Capital and BofA Securities took exactly that route.
RBC’s Robert Muller repeated his Outperform rating on Apple shares, lifting his price target to $330, from $295… He notes that social-media buzz about the new iPhone 11 lineup suggests “high and sustained customer interest.” The analyst adds that social-media sentiment tracking shows customer satisfaction is increasing and should drive repeat business in future years… BofA’s Wamsi Mohan likewise maintains a Buy rating, while lifting his price target on Apple shares to $330 from $290. Mohan agrees that iPhone demand remains strong.
MacDailyNews Take: Onward and upward, Cupertino soldiers!
$330 is a nice round number, however I’d like to see some of those bottom feeder analysts raising their price targets and reversing their Sell recommendations. I think that would give potential Apple investors a bit more confidence.