Canaccord Genuity raises its Apple target $134 (!) to $444

From TheFly, which snagged analyst T. Michael Walkley’s Wednesday note to clients:

Canaccord Genuity analyst T. Michael Walkley raised the firm’s price target on Apple to $444 from $310 and reiterates a Buy rating on the shares. The stock closed Wednesday up $2.67 to $390.90. Apple is well positioned to benefit from the “long-term” 5G investment cycle and its second half of 2020 and 2021 earnings should recover as 5G smartphones ramp, Walkley tells investors in a research note. Further, Apple’s ecosystem approach should continue to generate “strong” services revenue and its $83B in net cash should continue to support long-term growth, adds the analyst. With the 5G upgrade cycle a likely catalyst in fiscal 2021 and a continued business mix shift towards “high-margin” Services, Walkley reiterates a Buy rating on the shares.

Maintains Buy rating, raises price target to near-Street high $444 from deep underwater $310.

My tale: That $134 hike is a new Street record.

2 Comments

  1. David Emery said:
    Raising an estimate by that much is a clear indication that the estimator isn’t particularly credible.

    2
    July 16, 2020
  2. Manfred Schwencke said:
    PED, „my tale“? Nice take!

    0
    July 17, 2020

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