Davidson hikes Apple price target $75 to new Street-high $375

Apple analysts are still scrambling to catch up to the market. Some haven’t even started.

From CNBC:

D.A. Davidson hiked its price target for Apple on Monday morning to the highest level on Wall Street, saying 5G technology gives the company opportunities to reignite iPhone growth.

The emergence of 5G should allow the consumer tech giant to grow its iPhone sales in each of its next two launch cycles, starting this fall, analyst Tom Forte said in a note to investors. D.A. Davidson now has a price target of $375 per share for the stock, up from $300 per share previously.

“There is enough complexity and hype when it comes to 5G (the next-generation wireless network) that we believe Apple can exploit this multi-year opportunity,” Forte said.

My take: Tom Forte had to jump pretty far to get ahead of the crowd. Others—say, Rod Hall at Goldman Sachs (current target: $196)— will have to leap even further just to get even.

Below: Who has jumped, and how far, since Q4:

davidson hikes apple 375 before after

Click here for the chart.

8 Comments

  1. Gregg Thurman said:
    I now show 7 price targets at or above $325. The consensus among this group continues to go up. Currently, the consensus among this group is $344, with a Standard Deviation range of $325 to $362.

    Of the 37 analysts I track 8 have price targets that are more than 100 days old. All of those targets are below AAPL’s 200 DMA.

    0
    January 13, 2020
    • Kirk DeBernardi said:
      …and you don’t hear much rumble about overexhuberance with all of this, do you?

      1
      January 13, 2020
      • Gregg Thurman said:
        …and you don’t hear much rumble about overexhuberance with all of this, do you?

        None.

        0
        January 13, 2020
  2. Gregg Thurman said:
    In the last 63 trading sessions (including today), AAPL has set a new all-time high 50 times.

    AAPL is going to have to hurry to match last week’s daily trading average of 33,386,280. Is it possible the institutions have satisfied their collective appetites for AAPL?

    Because AAPL opened so much higher than I projected (I’m not seeing AAPL shrink from its 30-day trend line) I bought $307.50/$310 Call Spreads at $1.65 (ROI 49%) this morning. AAPL was at $311.5X when I bought.

    1
    January 13, 2020
  3. Gregg Thurman said:
    Apple is out of the market, and will be until the beginning of February.

    Is this because of some “quiet” period thing? If it is I’m not aware of it. Thanks for enlightening me.

    0
    January 13, 2020
  4. John Konopka said:
    Apple closed just shy of $317 today! The P/E is 26.7, highest in many years.

    I wonder what is going on?

    0
    January 13, 2020

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