Credit Suisse hikes Apple target $14 to $120

From TheFly, which snagged the note to clients by analyst Matthew Cabral:

Credit Suisse analyst Matthew Cabral raised the firm's price target on Apple to $120 from $106 and keeps a Neutral rating on the shares.

The analyst notes that his tracking of iPhone 12 wait times shows a clear trend toward a better-than-expected mix of iPhone 12 Pro, with waits still extended at over 2 weeks more than two months post-launch versus last year's 11 Pro that hit supply/demand balance within 6 weeks.

The 12 Pro Max is also tracking well, with waits a bit better than last year's cycle, he adds. Cabral points out that the strength stands in contrast to softer trends for both the base iPhone 12 model and the 12 mini. He now expects better mix to support stronger ASPs.

Maintains Neutral rating, raises target to (still soggy) $120 from $106.

My take: I've asked to see his note.

7 Comments

  1. Tommo_UK said:
    Credit Suisse are way behind the Swiss National Bank which has been amongst Apple’s largest investors for several years now. Clearly Credit Suisse are missing a few peaks from their Toblerone bar. From the FT:

    “SNB posts $50bn profit on boost from Apple and Amazon and co. Windfall makes Swiss central bank one of the world’s most successful investors in 2019”

    March 2, 2020 10:50 am by Sam Jones in Zurich: The Swiss National Bank announced an annual profit of SFr48.9bn ($50.2bn) on Monday, powered by a huge gain in foreign equity investments, including Apple and Amazon, and a holding of more than 1000 tonnes of gold.

    The windfall makes the SNB one of the world’s most successful investors in 2019 — outperforming many of the savviest traders in the hedge fund and asset management industries.”

    That was March 2020. At $130 I think the SNB should have a quiet word with its younger cousin Credit Suisse.

    8
    January 5, 2021
    • Fred Stein said:
      Love the toblerone metaphor. Just finished one – a classic confection.

      3
      January 5, 2021
      • Dan Pallotta said:
        I grew up on them. So now we all have Apple and Toblerone in common. I wonder if they are a public company!

        1
        January 6, 2021
  2. Gregg Thurman said:
    On Hayden Lake (just north of Coeur d’Alene, Idaho) there is (was?) a marina named Tobler. Lots of Toblerone chocolates were sold there. I moved away from Hayden in 2007 so don’t know if Toblers still exists under that name.

    0
    January 5, 2021
  3. David Emery said:
    So according to this moron Apple will -lose- $10/share from today’s close. And he’s “neutral” with that belief?

    2
    January 5, 2021
    • Tommo_UK said:
      @David continuing with the Toblerone theme, perhaps he thinks AAPL is a bit “peaky” at these levels…

      0
      January 5, 2021

Leave a Reply