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.
â€œOur tracking of iPhone 12 wait times shows a clear trend toward a better-than-expected mix of iPhone 12 Pro,â€� he wrote in a commentary. â€œWaits [are] still extended at more than two weeksâ€� some two month after launch, â€œversus last yearâ€™s 11 Pro that hit supply/demand balance within about six weeks.â€�
Meanwhile, â€œweâ€™re also revisiting our forecasts for Appleâ€™s other segments and raising our Mac and iPad estimates,â€� Cabral said. That reflects â€œcontinued consumer/education tailwinds from remote learning and, to a lesser extent, lingering work from home.â€�
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.
â€œWhile 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,â€� Chatterjee wrote in a commentary.
â€œThe fourth-quarter data points are noteworthy in â€¦ indicating continued momentum in other hardware products from sustained work-from-home tailwinds.â€� Thatâ€™s â€œevidenced 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,â€� he wrote.
Further, â€œthe latest release from Sensor Tower supports our expectations for continued upward revisions to consensus expectations for the non-iPhone segments,â€�Â Chatterjee added.
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