Joining a growing group, three more Apple analysts turned up the positivity on the company’s prospects, which yesterday crossed the $1.5 trillion market capitalization mark for the first time ever despite the economic challenges presented COVID-19 pandemic.
Investor enthusiasm remains high over the pending launch of 5G iPhone, the growth of Apple’s services business, and the success of the company’s wearable products, including AirPods and Apple Watch.
Wells Fargo analyst Aaron Rakers added a new factor to the mix on Thursday, focusing on new data on handset sales in China. “While May smartphone registrations represented a decline from the strong rebound seen in April, we think the combined April plus May registration data supports the view that we are seeing a post-Covid recovery in smartphone demand trends,” he writes in a research note. Rakers today repeated his Overweight rating on Apple shares, while lifting his target price on the stock to $385 from $315…
BofA Global Research analyst Wamsi Mohan on Thursday likewise repeated his Buy rating, while upping his target to $390 from $340… While the bulls are getting more bullish, the bears are getting less bearish. HSBC’s Nicolas Cole-Colisson upped his rating on Apple shares to Hold from Reduce, setting a target of $295, up from $225, citing both the coming 5G iPhone launch and the growing services business.
MacDailyNews Take: Around and around we go! Where she stops, nobody knows!