| 2020-07-16 07:25:19|
AAPL 07:25 07/16 07/16/20
Canaccord boosts Apple target to $444 from $310 ahead of 5G catalyst
Canaccord Genuity analyst T. Michael Walkley raised the firm's price target on Apple to $444 from $310 and reiterates a Buy rating on the shares. The stock closed Wednesday up $2.67 to $390.90. Apple is well positioned to benefit from the "long-term" 5G investment cycle and its second half of 2020 and 2021 earnings should recover as 5G smartphones ramp, Walkley tells investors in a research note. Further, Apple's ecosystem approach should continue to generate "strong" services revenue and its $83B in net cash should continue to support long-term growth, adds the analyst. With the 5G upgrade cycle a likely catalyst in fiscal 2021 and a continued business mix shift towards "high-margin" Services, Walkley reiterates a Buy rating on the shares.