2020-05-01 06:23:00 AAPL Apple
05/01/20 05/0106:23 05/01/2006:23 | JPMorgan boosts Apple target to $350, adds to Analyst Focus ListJPMorgan analyst Samik Chatterjee raised the firm's price target on Apple to $350 from $335 and keeps an Overweight rating on the shares following last night's fiscal Q2 results. The stock in premarket trading is down 3% to $286.00. The analyst also added Apple to JPMorgan's Analyst Focus List as a top pick across his coverage. The shares should benefit from investor positioning ahead of the 5G cycle, increasing confidence in the resilience of Apple's Services revenues, and "cycling past the overhang" from the uncertainty around fiscal Q3 guidance, Chatterjee tells investors in a research note. He believes Apple shares poised to outperform the broader market on the combination of better than expected momentum continuing for the new iPhones launched in September 2019, improving product revenue trends in second half of April following the iPhone SE launch and government stimulus, and the company's " underappreciated leverage" to the work from home and online learning trends, which are benefitting both iPad and Mac revenues. | |
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