Apple: BofA raises target price to 150 dollars

(CercleFinance.com) - Bank of America has raised its target price for the Apple share from 135 dollars to 150 dollars on Tuesday, citing a "strong" demand for the company's products, in particular for the new iPhone 12.


"We expect Apple to report a record December quarter of almost 106 billion dollars in revenue, driven by strength across the portfolio and favorable FX," BofA analysts said.

"Despite the later launch of iPhones, demand for the higher end models remains robust creating a strong average selling price (ASP) uplift," they added in a note to investors.

BofA said it expects some of the strength of the new iPhones to persist into the March quarter, given their delayed launch. The brokerage, however, reiterated its "neutral" rating on the stock.

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