UBS raises Apple price target $75 to $355

Analyst Timothy Arcuri made his move Tuesday morning.

From StreetInsider.com:

UBS analyst Timothy Arcuri raised the price target on Apple to $355.00 (from $280.00) while maintaining a Buy rating.

The analyst comments “Apple stock has outperformed the broader market in anticipation of a strong 5G upgrade cycle. Our Asia supply chain work supports four 2020 iPhone models. In aggregate, we see 65MM 5G units for 2020. We are more optimistic on 5G upgrade based on our latest smartphone survey data (22% citing 5G as a factor, though still lagging performance related factors). iPhone purchase intent is also stable/improving across geographies. We thus increase F20E iPhone units to 196MM (+5% Y/Y, prior 3%) and F21E to 208MM (+6% Y/Y, prior 4%). Apple still remains the top global underweight among active investors.”

Maintains Buy rating, raises price target to $355 from $280.

My take: Arcuri’s 27% jump is the biggest I’ve seen in more than a dozen years tracking Apple price targets.

3 Comments

  1. Gregg Thurman said:

    With 8 price targets above $325 consensus is now $345 and rising.

    I think what is happening among many analysts is the recognition that the MARKET (not their research) has decided that AAPL is worth more than a 17 Investor Sentiment Multiple (PE). That makes analysts, with a few glaring exceptions, reactionary (camp followers), not predictive.

    How high that sentiment, expressed as a multiple, will go is anyone’s guess. My guess is that it will be a psychological barrier, say 30 (occurring during the December quarter).

    1
    January 14, 2020

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