Credit Suisse raised its target price for Apple to $275 from $221, reiterating a neutral rating on Apple’s stock, citing the latest Chinese iPhone sales figures. Shares in Apple rose 0.4 percent before the session. Credit Suisse said China’s december shipments of iPhones were up 18.7 per cent year-on-year, “significantly better than the 13.7 per cent decline in the smartphone market as a whole”.
Credit Suisse said the “strong results marked a significant improvement over October and November” and analyst Matthew Cabral was “encouraged” by the news.
Yesterday, Jefferies raised its price target for Apple from $285 to $350, with the company expected to perform strongly during the holiday shopping season.
Analysts’ analysis of people and global network traffic at Apple Stores “suggests that Apple will be strong in the 2019 calendar year,” Kyle McNealy wrote in a note to customers.
Jefferies wrote that the upcoming 5G cycle was “the biggest driver of our view” and reiterated the buy rating.
Apple’s shares are up nearly 80 percent from june lows. Apple will report first-quarter results on January 28.