Apple stock price target has been increased by two analysts, who both cited the company’s indomitable Mac business as the reason for their new projections. Over the weekend, Deutsche Bank’s Sidney Ho and Wells Fargo’s Aaron Rakers upped their price targets on Apple shares while maintaining their ratings.
Rakers raised his price target to $225 from $210 and maintained his Overweight rating. Ho increased his price target to $210 from $180 and maintained his Buy rating.
Both cited personal computers in their notes—Rakers writing about the broader industry, Ho specifically about Apple‘s Mac.“We continue to believe that the PC industry has completed its inventory correction—leaving us to focus on a stabilizing demand environment,” heading into the second half of 2023 and the first half of 2024, Rakers said. “We expect Apple to continue to gain share as the PC market recovers.”
Ho wrote that he expects Apple’s third-quarter results and fourth-quarter guidance to match or beat Wall Street’s expectations. “…our recent checks and third-party data suggest upside to iPhone, Mac and Services,” he said.
The analyst also said third-party shipment data suggests revenue for iPhones and Macs are above Deutsche’s initial estimates of 11% and 8% decreases, respectively, from the prior year.
MacDailyNews Take: The higher price targets come ahead of the company’s third-quarter earnings on August 3rd. As always, we’ll have Apple’s results on August 3rd right around 1:30 p.m. PT / 4:30 p.m. ET. followed by live notes from Apple’s conference call beginning at 2:00 p.m. PT / 5:00 p.m. ET.
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