Apple (AAPL) – Get Report shares rose Tuesday amid positive commentary about demand for iPhones and other products from several research analysts.
Credit Suisse analyst Matthew Cabral raised his share-price target to $120 from $106, maintaining his neutral rating.Â
The stock traded Tuesday at $131.10, up 1.3%. It has soared 76% over the past year.
“Our tracking of iPhone 12 wait times shows a clear trend toward a better-than-expected mix of iPhone 12 Pro,� he wrote in a commentary. “Waits [are] still extended at more than two weeks� some two month after launch, “versus last year’s 11 Pro that hit supply/demand balance within about six weeks.�
Meanwhile, “we’re also revisiting our forecasts for Apple’s other segments and raising our Mac and iPad estimates,� Cabral said. That reflects “continued consumer/education tailwinds from remote learning and, to a lesser extent, lingering work from home.�
J.P. Morgan analyst Samik Chatterjee has a buy rating and a $150 price target on Apple. He too is enthusiastic about non-iPhone products.
“While expectations for a 5G driven super cycle could be running up against already high investor expectations, we continue to see modest upside drivers in the non-iPhone businesses,� Chatterjee wrote in a commentary.
“The fourth-quarter data points are noteworthy in … indicating continued momentum in other hardware products from sustained work-from-home tailwinds.� That’s “evidenced in the strong momentum from JAMF [a software company that provides service to Apple devices] to close out 2020, as well as momentum in services growth,� he wrote.
Further, “the latest release from Sensor Tower supports our expectations for continued upward revisions to consensus expectations for the non-iPhone segments,� Chatterjee added.
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