From a note to clients by analyst Jeffrey Kvaal snagged by TheFly:
Nomura Instinet analyst Jeffrey Kvaal raised his price target for Apple to $280 from $225 while keeping a Neutral rating on the shares. Strengthening iPhone demand through fiscal Q1 and “sturdy” first half of the year orders imply the iPhone 11 cycle will remain solid through fiscal 2020, Kvaal tells investors in a research note. Further, Wearables “should add some icing to the cake,” adds the analyst. Kvaal, however, questions the enthusiasm for a 5G supercycle that he says has lifted Apple’s multiple to 21 times. “We are as yet unwilling to go further” on the price target, he says.
Maintains Neutral rating, raises price target to $280 from $225.
Updated chart: Moving targets…