Piper Sandler has upped their price target on Apple shares from $260 to $300, citing the firm’s biannual U.S. teen consumer survey which showed Apple’s iPhone and Apple Watch as the most popular smartphone and smartwatch, respectively.
The firm maintains an “Overweight” rating.
In Piper’s poll, 85% of U.S. teens owned an Apple iPhone, the highest percentage in the survey’s history.
In the autumn 2019 survey performed by Piper, the “Taking Stock with Teens” report determined that 83% of teenagers had an iPhone, which was, at the time, the highest level seen by the firm in its research. In autumn 2018, the same survey discovered 82% owned an iPhone, so the numbers are continuing to rise.
Piper says that strong AirPods interest among U.S. teens surveyed shows the “already strong attach rate and solid purchase intent” in Apple’s non-core products, says Piper.
MacDailyNews Note: In our own poll of (four) U.S. high school students, it was made perfectly clear that “green bubbles are bad, really bad… there are like three Android phones in the whole school. Everybody has an iPhone.” It makes perfect sense for Piper to raise their Apple price target, as the stock is undervalued currently ahead of the 5G iPhone super cycle and looming recovery after the COVID-19 shock.