Apple Inc. analysts have grown more positive on the company\u2019s prospects, pointing to the upcoming launch of a 5G version of the iPhone, as well as continued growth in its services business.<\/p>\n
The stock has been in a strong uptrend for weeks, gaining nearly 60% off a March low and closing Wednesday at record levels. The gains have given Apple a market capitalization above $1.5 trillion, making it the largest U.S. stock.<\/p>\n
BofA on Thursday raised its price target to a Street-high view of $390, from $340, and reiterated its buy rating. Analyst Wamsi Mohan expects product revenue \u201cwill grow 20% next year from iPhone and wearables,\u201d and touted the company\u2019s \u201ccontinued penetration into [its] installed base, large net cash, and continued strong capital returns.\u201d<\/p>\n
Shares of Apple dipped 1.5% in premarket trading on Thursday. This follows a four-day advance of more than 9%.<\/p>\n
Earlier, Wells Fargo Securities raised its own price target, writing that data for China mobile phone registrations pointed to a \u201csolid post-COVID recovery.\u201d The firm reiterated its overweight rating, expecting investors will continue to view Apple \u201cas a favored high-quality large cap name,\u201d especially given the anticipated 5G iPhone.<\/p>\n
Also on Thursday, HSBC upgraded its view on Apple to hold, removing one of the rare sell-equivalent ratings on the stock. The firm expects to see a \u201csuccessful\u201d 5G iPhone launch in the third quarter of 2020, and also\u00a0noted<\/span>\u00a0growth in Apple\u2019s services business.<\/p>\n Currently, 29 of the firms tracked by Bloomberg have the equivalent of a buy rating on Apple\u2019s stock, compared with 12 with a hold rating. Just four advocate selling the stock. The average price target is about $323, up from roughly $305 at the end of April, although the current average is below Apple\u2019s most recent close of $352.84.<\/p>\n Earlier this week,\u00a0Bloomberg reported\u00a0that Apple was preparing to shift to its own main processors in Mac computers, replacing Intel chips, a move Evercore ISI wrote could lead to \u201csustained\u201d margin improvement.<\/p>\n Apple Inc. analysts have grown more positive on the company\u2019s prospects, pointing to the upcoming launch of a 5G version of the iPhone, as well as continued growth in its services business.<\/p>\n","protected":false},"author":341034,"featured_media":331826,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[62528,14],"tags":[19420,65117,3480,1125],"class_list":["post-355839","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-5g","category-cellular","tag-5g","tag-apple-5g","tag-apple-iphone","tag-iphone"],"_links":{"self":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/355839"}],"collection":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/users\/341034"}],"replies":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/comments?post=355839"}],"version-history":[{"count":0,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/355839\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media\/331826"}],"wp:attachment":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media?parent=355839"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/categories?post=355839"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/tags?post=355839"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Now read: Rain\u2019s 5G plans for Cape Town and Durban<\/a><\/h3>\n","protected":false},"excerpt":{"rendered":"