Credit Suisse hires Shannon Cross, raises Apple target $35 to $201

Cross' top picks are: Apple, IBM, Pure Storage, Flex and Stratasys.

apple credit suisse shannon crossFrom a note to clients that landed on my desktop Tuesday:

Shannon Cross is initiating coverage of the IT Hardware sector. She is launching on 18 Stocks and assuming coverage of two – Initiation on 13 traditional tech hardware names, 2 EMS names and 5 3D printing names.  Shannon’s top picks are: Apple (AAPL), IBM (IBM), Pure Storage (PSTG), Flex (FLEX) and Stratasys (SSYS).


    • Apple (AAPL) $201 target price
    • CDW (CDW) $202 target price
    • Dell Technologies (DELL) $60 target price
    • Flex (FLEX) $24 target price
    • HP Enterprise (HPE) $18.00 target price
    • HP Inc. (HPQ) $39 target price
    • IBM (IBM) $163 target price
    • Jabil (JBL) $74 target price
    • NetApp (NTAP) $87 target price
    • Pure Storage (PSTG) $36 target price
    • Stratasys (SSYS) $24 target price


    • Corning (GLW) $36 target price
    • Desktop Metal (DM) $2.80 target price
    • Markforged (MKFG) $2.70 target price
    • Seagate (STX) $80 target price
    • TD Synnex (SNX) $115 target price
    • Velo3D (VLD) $5.40 target price
    • Western Digital (WDC) $52 target price


    • 3D Systems (DDD) $8 target price
    • Xerox (XRX) $14 target price


Shannon Cross is a Managing Director covering the IT Hardware sector for the Securities Research division and is based in Texas. Shannon has over 25 years of experience following the tech industry and has received several awards for her stock picks and earnings estimates during her career. Shannon joined Credit Suisse in April 2022 from Cross Research, a tech-focused equity research boutique she co-founded in 2002. Shannon began her career on Wall Street at Merrill Lynch as a telecom analyst in the late 1990s. Shannon holds a Masters of Arts from Columbia University and a Bachelors of Arts from the University of California, Berkeley.

My take: Cross is a familiar voice on Apple earnings calls, where her boutique firm punched above its weight. Among her predecessors at CS, the name I know best is Kulbinder Garcha.


  1. David Emery said:
    I had to look up to see what Jabil does: https: //www. jabil. com/industries.html
    Interesting collection of industries!

    I’m not convinced by either HP company.

    August 16, 2022
    • David Drinkwater said:
      I have ditched HP in all its spin-off forms for charitable purposes. I’m surprised to see it ranked anywhere above neutral. Perhaps the only justification would be current P/E ration and a “dogs of the Dow” mentality.

      I’m sad to see that Corning and Seagate don’t have better ratings, but that’s more sentimental than anything else.

      August 17, 2022
      • David Emery said:
        I had terrible experience with a line of Seagate drives (4 of 6 failed within a year), so I’ve avoided them ever since.

        But given the expansion of Breezeline fiber-to-the-house (one neighbor hooked up yesterday, another scheduled for today), Corning sounds like a good option.

        August 17, 2022
  2. Gregg Thurman said:
    Credit Suisse’s coverage of Apple has always been kind of iffy. This has all the markings of an acqui-hire. I think this is a great move on CS’s part. Shannon’s analysis of Apple/AAPL will now have a much greater audience/influence among investors and the “repeat what others are saying” media.

    August 16, 2022
  3. Jeff Galanti said:
    It is shocking that Apple’s nearly $750B market cap increase over the last 2 months has not gotten more attention. That increase is larger than all but 5 or 6 companies’ TOTAL market caps. These are the runs that are really fun, where the dumb money hasn’t even jumped on the bandwagon yet. I feel like if we get slightly better inflation news and Apple releases a great fall lineup, this could melt up for a time.

    August 16, 2022
    • John Konopka said:
      @Jeff. Yes, I’m looking forward to a string of product announcements leading up to the holiday season.

      August 17, 2022
    • Michael Goldfeder said:
      @Jeff: Apple is nearing a buy point according to some of these chart geniuses. Apparently, Apple at $130 wasn’t getting them excited.

      August 17, 2022

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