Bank of America and RBC Capital Markets raised their price targets for Apple to $330 per share.
's Wamsi Mohan and RBC Capital Markets' Robert Muller both raised their price targets on the consumer tech giant to $330 per share, about 10% higher than the stock closed on Thursday.
Both banks cited strong iPhone demand as a reason for confidence. RBC, which previously had a target of $295 per share, said in a note to clients that the current iPhone model was generating more social media mentions than other recent versions. "In short, 11/11 Pro interest has been higher and higher-for-longer, which we expect to support Dec-qtr sales results," Muller said in the note.
Bank of America, which previously had a target price of $290 per share, projected strong performance across Apple's business segments, including the App Store. "Longer-term Apple benefits from 5G adoption, strong wearables portfolio, and continued y/y gross profit dollar growth which is favorable for stock price trend," Bank of America said in a note.
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