Analyst Chris Caso, encouraged by iPhone sales, gets out in front of the pack.
Apple price target raised to $280 from $250 at Raymond James Raymond James analyst Chris Caso raised his price target for Apple to $280 from $250 and reiterated an Outperform rating ahead of the company’s September quarter results. In a research note to investors, Caso says his longer thesis regarding optimism for the 2020/21 5G cycle remains unchanged, and adds that more stable near term conditions coupled with the launch of a new SE model in early 2020 creates a bridge to the 5G, which he feels will continue to squeeze the stock higher.
Raymond James analyst Chris Caso became more bullish on Apple Inc. shares AAPL, +1.87% on Monday, boosting his target price to $280 from $250 while maintaining an outperform rating. Caso sees “more stable near-term conditions” for Apple, including encouraging iPhone 11 channel checks. His new target is the highest listed on FactSet. Amid reports that the company plans to launch a new low-end SE model early next year, Caso argues that Apple will be able to “create a bridge to the 5G cycle,” which will “continue to squeeze shares higher,” in his view. “We increasingly view the 5G opportunity as a two-year cycle, with 5G representing an estimated 40% of mix in the fall 2020 cycle, growing to the vast majority in the 2021 cycle,” Caso wrote of his longer-term expectations.
CNBC Pro has a bit more detail.
Maintains Outperform rating and raises price target to $280 from $250.
My take: Caso slipped his note in just before the stock popped. I’ve asked to see it.
UPDATE: The man himself, interviewed by Jon Fortt on CNBC. Cue the video…