Today, J.P. Morgan adds Apple to its Focus List of top stock picks and lifted its target price target on Apple shares to $350 from $335.
The investment firm affirmed an overweight rating on the Cupertino, Calif., company’s stock.
They wrote in a report that Apple’s stock should gain from investor positioning for the ramp-up of 5G service, increasing confidence in Apple’s services, and “cycling past the overhang” from the uncertainty over earnings guidance, The Fly reports.
Apple also should benefit from stronger-than-anticipated sales for the iPhones launched in September 2019 and buoyant sales in the second half of April thanks to the iPhone SE launch and government stimulus, the analysts said.
And the company stands to gain from its “underappreciated leverage” related to work-at-home and online learning trends, they said. Those trends are boosting iPad and Mac sales, the analysts said.
MacDailyNews Take: So far in trading today, it looks like J.P. Morgan’s action has Apple knock, knock, knocking back on $300’s door!