Apple Stock Gets Price-Target Hikes Ahead Of New iPhone Reveal – Investor's Business Daily

This post was originally published on this site

With Apple stock trading near its all-time high, Wall Street analysts are raising their price targets to match investor optimism ahead of the company’s fall product launch next week.


Apple (AAPL) shares have climbed to record highs in each of the last five trading sessions. Apple stock rose 0.3% to 228.36 on the stock market today. It hit an all-time intraday high of 229.18 on Tuesday.

Apple stock received price-target hikes from two Wall Street brokerage firms before the market open on Tuesday. Canaccord Genuity reiterated its buy rating on Apple and raised its price target to 250 from 220. RBC Capital Markets maintained its outperform rating on the stock and upped its target to 240 from 225.

Canaccord analyst Michael Walkley said his firm’s latest survey results indicated solid iPhone sales ahead of the company’s Sept. 12 event.

“Based on our North America survey work, iPhone maintained its leading market share at all 4 major U.S. carriers and overall iPhone sales remained resilient with likely over 50% share at these carriers,” he said in a report to clients. “Given the strong consumer satisfaction with iPhones, we anticipate Apple will continue to grow its global share of the premium smartphone market.”

New iPhone Expectations ‘Grounded’

Analysts expect Apple to unveil three new iPhones at the Sept. 12 event. It likely will refresh its iPad, Apple Watch and AirPod product lines as well, they say.

Walkley estimates Apple will grow its iPhone installed base to more than 700 million users in 2018. That will provide a tailwind to sales of services and accessories.

RBC analyst Amit Daryanani said investor expectations are “grounded” ahead of Apple’s 12th-generation iPhone launch. Last year, Wall Street was buzzing about a possible “supercycle” of iPhone upgrades around the OLED-screen iPhone X. But this year, expectations are more realistic, he said.

“Unlike last year, we don’t see investors fixated on a supercycle, which encourages us to think that a solid well-executed product lineup has potential to surprise in coming quarters,” he said in a report.


Apple, Tesla, Google, Facebook: Let’s Go To The Charts

Is There Nothing To Buy? Market Could Be Saying ‘Take Profits’

This post was originally published on *this site*