Bearish Credit Suisse analyst Matthew Cabral raised his Apple price target to $120 from $106, maintaining his “neutral” rating, as his firm’s tracking methods signal strong iPhone 12 demand.
“Our tracking of iPhone 12 wait times shows a clear trend toward a better-than-expected mix of iPhone 12 Pro,” he wrote in a commentary. “Waits [are] still extended at more than two weeks” some two month after launch, “versus last year’s 11 Pro that hit supply/demand balance within about six weeks.”
Meanwhile, “we’re also revisiting our forecasts for Apple’s other segments and raising our Mac and iPad estimates,” Cabral said. That reflects “continued consumer/education tailwinds from remote learning and, to a lesser extent, lingering work from home.”
MacDailyNews Take: If Cabral keeps this up, someday his Apple price target might be above water!
This guy just woke from a 6 month nap. I suspect he’s rested and updating his notes.
Their price target is more than a year behind – considering it is the estimate for the next 12 months. LOL
Stop the presses. $14 price target raise for Apple to $120 despite Apple is at $131 already and the median price targets are around $135. Remind me not to use this analyst to help me decide whether I should purchase more Apple stock or not. I guess his price target isn’t that bad, considering Yahoo Finance always has Apple as being highly overvalued. I’ll never understand why Apple is overvalued but Amazon is not. I simply don’t have a clue what metric is being used for these valuations. Future growth for any stock only works until it doesn’t, which can happen at any time.
I’ve been following AAPL for 17 years now. Price targets that were set lower than the current price have regularly been proven wrong with a few (short-term) exceptions when Steve’s cancer became public, when he died or when there was a general market turbulence. And these declines always passed after it was clear that Apple’s business was not really affected. Since 2004 AAPL has grown annually about 35%, not including dividends. In April 2004 AAPL was worth $0.49 (split adjusted). I think a price target of $120 is very, very conservative and must be based on major COVID-19 fears and not take into consideration that Apple seems to even profit from the COVID-19 situation.
I really like reading through a post that can make people think. Also, many thanks for permitting me to comment!
Finally someone speaks sense!