Apple (AAPL) – Get report The stock rose on Tuesday amid positive comments about demand for iPhones and other products from several research analysts.
Credit Suisse analyst Matthew Cabral raised his share price target from $ 106 to $ 120, keeping his rating neutral.
The stock traded at $ 131.10 on Tuesday, up 1.3%. It soared 76% last year.
“Our tracking of iPhone 12 wait times shows a clear trend towards a better-than-expected combination of iPhone 12 Pro,” he wrote in a comment. “Wait [are] still extended by more than two weeks “about two months after launch,” compared to last year’s 11 Pro that hit the supply / demand balance in about six weeks. “
In the meantime, “we are also revising our forecasts for other Apple segments and increasing our Mac and iPad estimates,” said Cabral. This reflects “the continued favorable winds of the consumer / education with remote learning and, to a lesser extent, prolonged work from home”.
Samik Chatterjee, an analyst at JP Morgan, has a purchase rating and a target price of $ 150 at Apple. He is also excited about non-iPhone products.
“While expectations of a 5G-driven super cycle may be going against investors’ already high expectations, we continue to see modest bullish drivers in non-iPhone businesses,” Chatterjee wrote in a comment.
“Fourth-quarter data points are notable at … indicating a continued boost in other sustained home workwind hardware products.” This is “evidenced in the strong momentum of JAMF [a software company that provides service to Apple devices] to close 2020, as well as the boost in service growth, ”he wrote.
In addition, “Sensor Tower’s most recent release supports our expectations for continued upward revisions to consensus expectations for non-iPhone segments,” added Chatterjee.