Apple price target raised to $265 from $243 at JPMorgan
JPMorgan analyst Samik Chatterjee established a December 2020 price target for Apple shares of $265, up from his from his December 2019 target to $243. The stock closed Friday down $1.07 to $218.82. The analyst keeps an Overweight rating on Apple. Chatterjee "modestly" raised his iPhone volume forecasts and expects investor sentiment on Apple shares to "improve materially" given the company's ability to drive upward revisions to volume expectations. The 2019 product cycle is largely considered to be a "muted one" due to limited hardware enhancements and replacement cycle risks amid expectations for a 5G phone next year, Chatterjee tells investors in a research note. The analyst, however, raised his iPhone volume forecasts for Apple's September quarter by 1M and for its December quarter by 3M units to account for stronger trends, particularly led by the iPhone 11 model amongst the new iPhones. He believes volume upside in 2019 will have significance in demonstrating that Apple can deliver balance of volume and profitability "even in a tough backdrop."