Shares of Apple are up $9.25 (+2.70%) to $352.24 in premarket trading Tuesday after Citi Research analyst Jim Suva raised his price target to $400 from $310 while maintaining a buy rating on the stock.
Suva’s new $400 price target is higher than all those listed on FactSet. He is upbeat about the upcoming 5G upgrade cycle and expects that while Apple could start selling its new 5G phones a month or so later than usual in the fall, the company “will likely have a strong 5G product offering in time for Christmas 2020.”
Suva also sees room for the company to gain share from Huawei, which he estimates could drive about $8 billion in incremental sales… Apple may also debut a bundled offering for some of its services, including music, video, news, and gaming, he wrote.
MacDailyNews Take: A $400 Apple target is but a mere pitstop on the way to $2 trillion market cap (and beyond)!
And Dan Ives has raised his target to $425. Works for me! 👍💰
Good luck with those Apple numbers. I suppose they’ll only happen if CoViD-19 disappears. Wall Street seems a bit antsy when the number infected citizens increases. In NYC, people are getting lazy when it comes to wearing masks. People easily forget past danger. Out of sight, out of mind. I’m going to get annoyed if another lock-down occurs due to a second wave. I don’t think it will happen but I’m going to keep playing it safe at least until September or so.
Apple is doing quite well and performing as well as the other FANGs which has really surprised me despite still having the lowest P/E out of all of them.