Shares of Apple rallied 0.72% in premarket trading Wednesday, after Deutsche Bank analyst Jeriel Ong raised his price target to $400.
[Ong] believes [Apple shares] should “continue to offer upside for investors” even after the recent sharp run up.
“With such volatility in the largest company in the world, we believe that [Apple’s] quick rise has some investors a bit anxious about their [Apple] holdings at present,” Ong wrote in a note to clients. “Overall, we feel comfortable that AAPL should continue to offer upside for investors,” as he raised his revenue estimate for fiscal 2020 by 2% and earnings-per-share estimate by 3%.
MacDailyNews Note: Yesterday, shares of Apple hit a new all-time intraday high of $378.62 before ceding ground in late trading to close down $1.16 (-0.31%) at $372.69. Shares are currently up roughly $3 in premarket trading.
[Thanks to MacDailyNews Reader “Fred Mertz” for the heads up.]