Apple: Canaccord Genuity raises target price
(CercleFinance.com) - Canaccord Genuity on Thursday raised its target price for Apple from 310 dollars to 444 dollars, saying that the tech giant is well-positioned to benefit from the 5G cycle.
The Canadian broker - which has a "buy" rating on the share - said it expects the company's earnings to recover in the second half of the year and in 2021, as 5G smartphones ramp up.
Canaccord believes that Apple's market share leadership of premium-tier smartphones should even expand with the iPhone 12 lineup supporting 5G.
"Apple's ecosystem approach, including an installed base that exceeds 1.5 billion devices globally, should continue to generate strong services revenue, and we expect the higher-margin services revenue growth to outpace total company growth," the broker commented.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The Canadian broker - which has a "buy" rating on the share - said it expects the company's earnings to recover in the second half of the year and in 2021, as 5G smartphones ramp up.
Canaccord believes that Apple's market share leadership of premium-tier smartphones should even expand with the iPhone 12 lineup supporting 5G.
"Apple's ecosystem approach, including an installed base that exceeds 1.5 billion devices globally, should continue to generate strong services revenue, and we expect the higher-margin services revenue growth to outpace total company growth," the broker commented.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.