Analysts raced to lift Apple price targets after Apple yesterday blew away analysts’ consensus estimates by announcing fiscal Q320 earnings for the period ended June 27, 2020, amid the COVID-19 pandemic. The company posted quarterly revenue of $59.7 billion, an increase of 11 percent from the year-ago quarter, and quarterly earnings per diluted share of $2.58, up 18 percent.
Apple’s record June quarter was driven by double-digit growth in both Products and Services and growth in each of Apple’s geographic segments.
Apple price target changes:
• Barclays: Raises target from $326 to $400
• Citi: Raises target from $400 to $450
• Cowen: Raises target from $400 to $470
• Davidson: Raises target from $355 to $480
• Evercore: Raises target from $400 to $440
• Jefferies: Raised target from $405 to $465
• JPMorgan: Raises target from $425 to $460
• Merrill Lynch: Raised target from $410 to $420
• Morgan Stanley: Raises target from $419 to $431
• Piper Sandler: Raised target from $310 to $450
• UBS: Raises target from $400 to $425
• Wedbush: Raises target from $450 to $475
Shares of Apple (AAPL) are currently trading up $27.31 (+7.10%) at $412.07 on track for a new all-time closing high after earlier setting a new all-time intraday high of $412.67, putting several of these new targets in danger of going underwater soon – especially with 5G iPhones looming.
I myself have a new target for when the sun will rise yesterday.
LOL 🙂
Just have to remember to divide all those targets by 4 after the stock split today. 😛