Piper Jaffray hikes its Apple price target to $290

From a note to clients by analyst Michael Olson that landed on my desktop Friday:

While 5G is on the horizon and this year’s iPhone lineup did not include any dramatic improvements, our survey of domestic iPhone users suggests upgrade rates are up slightly y/y. We are modeling for flat y/y iPhone revenue in FY20 (consistent with consensus estimates), so a slight improvement in upgrade rates could signal potential for upside. Looking into the coming year, Apple is in the midst of a perfect storm, with current iPhone performing at-or-above plan, non-iPhone (especially wearables and services) trending better than expected through the end of FY19 and growing anticipation for 5G iPhones that will be coming late in the fiscal year.

apple piper jaffray 290

Maintains Overweight rating, raises price target to $290 from $270.

My take: Ballsy move with the stock at all-time highs.

One Comment

  1. Gregg Thurman said:
    In the last week, in concentration,I have watched some (not all) of the finest TV I have watched ever, and did it without searching through 100’s of mind numbing titles.

    The programs watched came from Amazon’s Prime, Disney and Apple TV+.

    Tonight I will continue with ESPN coverage of Jayhawks basketball.

    Not surprisingly none of the programs I watched came from the broadcast stalwarts of yesteryear: ABC, CBS and NBC (can’t bring myself to think of Fox as a stalwart), or a cable “reality” touting channel.

    Including my cost for internet access my monthly TV content bill (sans promos) is under $75/month. This is a far cry from the $150 I was paying 2 years ago for 700 channels of crap. I would gladly pay another $25/month to keep the quality up and the content flowing. I may never buy another movie on line.

    Good-bye Swamp People, Real Housewives, America’s Funniest Videos, American Pickers, and all the other scripted/staged “reality” shows.

    I don’t know if this is what Jobs meant when he said Apple had cracked cable TV, but it’ll do.

    November 15, 2019

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