One day before Apple is due to release their earnings report for the all-important 2019 holiday quarter (fiscal Q1 2020), J.P. Morgan analysts have very slightly upped their Apple price target by four dollars to $300 per share.
In a note to investors seen by AppleInsider J.P. Morgan stock analyst Samik Chatterjee is expecting Apple to deliver a strong quarter primarily from better than expected Apple Watch and AirPods performance, with revenues at the high end of guidance. Where Apple has predicted between $85.5 billion and $89.5 billion for the quarter, Chatterjee is expecting to see $88.7 billion on the quarter.
The hike to $300 per share of Apple stock, versus the $296 it set on December 20, is driven by a “strong ramp for wearables in the quarter.” Chatterjee also says that he expects “continued progress on the Services transformation,” predicting 18% growth from the year-ago quarter… But, Chatterjee still recommends caution… “We continue to recommend shares of AAPL for long-term shareholders, with upside led by the re-rating of the shares from the Services transformation,” writes Chatterjee “However, heading into the earnings announcement later this week we would be wary of the high bar of investor expectations.”
MacDailyNews Note: In pre-market trading, Apple is down $7.61 (-2.39%) to $310.70.
As always, as soon as Apple reports earnings, we’ll have them for you right around 4:30pm ET. Following shortly thereafter, we’ll have live notes during Apple’s conference call with analysts starting at 5pm EDT. Just check our home page at those times tomorrow, Tuesday, January 28th.