From a note to clients by Aaron Raker’s note to clients snagged Tuesday by TheFly:
Wells Fargo analyst Aaron Rakers raised the firm’s price target on Apple to $155 from $140 and keeps an Overweight rating on the shares.
The China Academy of Information & Communications Technology this week released the December smartphone shipment data for December, which reflected another positive data point for Apple’s iPhone 12 cycle, Wells Fargo analyst Aaron Rakers tells investors in a research note. China total mobile phones shipped stood at 26.6M in December 2020, a decline of 13% year-over-year and 10% month-over-month, says the analyst. “Continued positive Apple data points” leaving Rakers increasingly comfortable that Apple will post upside to current expectations. He also likes the company’s “continued strong capital allocation story.”
Maintains Overweight rating, raises price target to near-high $155 from $140.
My take: I’ve asked to see the note.