Hikes Apple price target to $160 from $140.
I didn’t get the note, but multiple sources are reporting that Citi analyst Jim Suva has raised his Apple price target.
From The Fly:
While the shares are hitting all-time highs, the iPhone 8 “super-cycle” is coming soon, which, along with Apple’s growth opportunity in India, is likely to drive sales and earnings growth as well as valuation multiple expansion, Suva tells investors in a research note. India is now the world’s second largest smartphone market, yet Apple has less than 2% market share, the analyst points out. Suva recommends buying Apple shares ahead of the iPhone 8 launch.
From The Street:
Analysts at the firm noted that even though India is now the world’s second-largest smartphone market, Apple only has a 2% market share, giving it plenty of room to run in the subcontinent.
Reiterate Buy, raise price target to $160 from $140.