Apple shares get big target price boost; supply chain issues improving – analyst

Wells Fargo raised its price target on Apple shares to $205 from $165, implying some 25% upside from Thursday’s closing levels, as analyst Aaron Rakers says Apple’s supply chain issues are improving.

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Jack Denton for Barron’s:

That makes analyst Aaron Rakers and his team at the bank among the more bullish on Wall Street; the average price target for Apple among analysts surveyed by FactSet is $179.

The world’s most valuable public company and a key player in Big Tech is set to report earnings next week. Heading into Apple’s results, Wells Fargo raised its estimates for quarterly revenue and profits in tandem with lifting the stock price target.

“We expect a focus on any commentary supportive of a belief that the supply chain is improving, continued confidence in strong end-user demand across the portfolio, as well as services/subscriptions momentum,” said the team of analysts at Wells Fargo…

While supply-chain improvements would be, without a doubt, materially positive, Rakers and his team view the upside in Apple stock as lying somewhere else.

“We believe the investment case for Apple has more to do with the company’s monetization of the installed base through an expanded portfolio of products and services (e.g., augmented reality /virtual reality, auto), rather than the near-term setup,” the Wells Fargo group said.

MacDailyNews Take: From Rakers’ lips to Mr. Market’s ears.

Apple reports Q122 results on January 27th. Analysts’ consensus expects the company to earn $1.88 a share on all-time quarterly revenue of $118.2 billion.

We’ll have Apple’s results for you as soon as they are released, just check our homepage right around 1:30 p.m. PT / 4:30 p.m. ET on January 27th. We will follow that with live notes from Apple’s’ conference call starting at 2:00 p.m. PT / 5:00 p.m. ET on the 27th.

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