Analyst Timothy Arcuri made his move Tuesday morning.
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.