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)!