From Jack Denton’s “Apple Stock Gets a Big Target Price Boost. Supply-Chain Problems Are Improving.” posted Friday on Barron’s:
Wells Fargo raised its price target for Apple (ticker: AAPL) stock to $205 a share from $165 — implying some 25% upside from Thursday’s closing levels.
That makes analyst Aaron Rakers and his team at the bank among the more bullish on Wall Street; the average price target for Apple among analysts surveyed by FactSet is $179.
“We expect a focus on any commentary supportive of a belief that the supply chain is improving, continued confidence in strong end-user demand across the portfolio, as well as services/subscriptions momentum,” said the team of analysts at Wells Fargo…
While supply-chain improvements would be, without a doubt, materially positive, Rakers and his team view the upside in Apple stock as lying somewhere else.
“We believe the investment case for Apple has more to do with the company’s monetization of the installed base through an expanded portfolio of products and services (e.g., augmented reality /virtual reality, auto), rather than the near-term setup,” the Wells Fargo group said.
Maintains Overweight rating. Raises price target to $205 from $165.
My take: Not the biggest target price boost we’ve seen lately.