Barclays raises its Apple target $16 to $116

From TipRanks, which snagged analyst Tim Long’s Friday note to clients:

Barclays analyst Tim Long raised the firm’s price target on Apple to $116 from $100 and keeps an Equal Weight rating on the shares. Fundamentals will matter in 2021 for the IT hardware sector, with a macro recovery broadly helping the group, Long tells investors in a research note. He maintains a Neutral industry view, though is now learning more positive with his ratings distribution.

Raises target to (still soggy) $116 from (deep underwater) $100. 

My take: The targets go higher, the stock moves lower. Go figure.