Apple: Wedbush raises target price after quarterly results
(CercleFinance.com) - Wedbush Securities has reiterated its "outperform" rating on the Apple stock, while raising its corresponding target price from 235 dollars to 245 dollars after the tech giant delivered results which were generally in line with Street estimates.
Apple's earnings came in much better than feared, in light of Street panic around China demand, the broker said.
The Cupertino-based company reported total revenues of 53.8 billion dollars, above the Street's 53.3 billion dollars estimate with the all-important iPhone revenues coming in at 26 billion dollars, meeting expectations, which should be a relief for the bulls fearing the worst on this front, Jefferies added.
In its note, the broker said it has increased confidence in the Apple story over the next 12 months, seeing a future "comeback" on the heels of a number of tailwinds such as a massive upgrade cycle, 5G, and services growth.
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