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!