Analysts from Deutsche Bank and Jefferies on Wednesday reiterated buy ratings and raised their price targets on Apple shares.
After Apple Retail Stores had been shuttered for months due to the COVID-19 pandemic, the company will this week begin reopening its retail stores in Japan, one of its most important markets afer announcing the re-opening of some 100 retail stores across the U.S.
Deutsche Bank analyst Jeriel Ong raised his price target $320 from $305.
Ong cited Apple’s plans to reopen 130 of its 271 stores in the U.S. this week, saying that he saw “store reopenings as a directional sign of improving trends and a drift toward a more normalized demand environment for AAPL.”
“While high unemployment and smaller consumer pockets have us worried for the next-generation iPhone launch that typically comes in September/October, we continue to tilt bullish on AAPL,” Ong said in a note to investors.
Jefferies analyst Kyle McNealy raised his price target to $370 from $350 after his web traffic analysis indicated “that Apple has seen strong growth through online channels since the start of covid-19,” while the new iPhone SE has seen very strong demand through April.
MacDailyNews Take: Be careful way out there on that limb, Jeriel!