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!