Bank of America analyst Wamsi Mohan raised his price target on Apple shares to $410 from $390 Wednesday, writing in a note to clients that he’s encouraged by continued strong revenue growth for Apple’s services business.
Mohan cites third-party data indicating that App Store revenue increased by about 30% in the June quarter.
He said that while “constructive” recent data points have helped drive Apple’s stock higher, the shares have also benefitted from positioning as investors appear to view the name as “a liquid investment to weather an uncertain environment” and a “story” stock in tech that has the potential to benefit from a future 5G tailwind.
MacDailyNews Take: To paraphrase Jackie Wilson:
Your love keeps lifting Apple higher
Than Apple’s ever been lifted before
So keep it up, quench our desire
Liftin’ Apple higher and higher!
I had thought that after Apple won the tax ruling from the EU, the stock would have gone up higher but I was wrong. Maybe the win was already baked into the share price. No matter. I’m confident Apple’s share price will continue to rise for the rest of the year.
There’s a high likelihood of another cash infusion from the Fed in the upcoming weeks. Incumbents do spaghetti-like financial gymnastics to keep markets high and the econ stable.
With these two realities and the fact that AAPL comprises a major portion of the S&P, I wager APPL (and the other FANG/FAAMNs) will stay strong and likely rising. The administration has a vested interest in its stability and increase.
Maybe the court “victory” kept AAPL stable and slightly ticking upwards today? For perspective, AAPL was $200 lower approx 11 months ago (ticker-time dependent). TSLA was approx $1300 lower in the same period. One is amazing and the other is whacked.