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Apple: Credit Suisse raises price target

( - Credit Suisse raised its price target for the Apple stock to 120 dollars on Tuesday, saying that the sales of higher-margin iPhones will be more than the broker originally anticipated.

Tracking of iPhone 12 data shows a clear trend towards a better-than-expected mix of iPhone 12 Pro, Credit Suisse said in a research note.

The broker said it has also raised its forecasts for Mac and iPad lines to reflect continued tailwinds from remote learning and work-from-home trends.

Credit Suisse said, however, that the stock is trading at a 43% premium to the S&P 500, about 2.5 times above average, meaning that its valuation leaves little room for error.

The broker hence maintains a "neutral" rating on the Apple stock.

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