Apple: BofA raises target price
(CercleFinance.com) - BofA on Tuesday raised its price target on Apple from 117.
5 dollars to 140 dollars, while reiterating its "neutral" view on the stock, citing a balanced risk/reward.
After the shares' "unprecedented strong run of outperformance", conversations with investors suggest that the "fear of missing out" (FOMO) is not yet at work given the relatively quick rerating and concern that fundamentals can't support continued upside, the broker wrote in a note.
BofA believes that momentum can cut both ways especially given risk to September/December quarter estimates - particularly on high end iPhones - but also recognize that in the short term momentum can support valuation.
Apple shares are currently up 1.5% on the Nasdaq.
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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.
5 dollars to 140 dollars, while reiterating its "neutral" view on the stock, citing a balanced risk/reward.
After the shares' "unprecedented strong run of outperformance", conversations with investors suggest that the "fear of missing out" (FOMO) is not yet at work given the relatively quick rerating and concern that fundamentals can't support continued upside, the broker wrote in a note.
BofA believes that momentum can cut both ways especially given risk to September/December quarter estimates - particularly on high end iPhones - but also recognize that in the short term momentum can support valuation.
Apple shares are currently up 1.5% on the Nasdaq.
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.