Apple: Wells Fargo raises target price
(CercleFinance.com) - On Thursday Wells Fargo Securities raised its target price for the Apple stock from 315 dollars to 385 dollars (current price 350 dollars), expecting a recovery in demand for smartphones after the coronavirus pandemic.
The US broker is particularly encouraged by the latest figures for smartphone sales in China, which it says show a "solid" recovery in demand in April and May.
Although the Apple share has largely outperformed the US market since the beginning of the year (+20% versus -1% for the S&P 500), Wells Fargo believes that this momentum should push investors to favour this quality stock.
More generally, the analyst is optimistic about the development of 5G, which he believes will accelerate in late 2020/early 2021, as well as the double-digit growth recorded by the tech giant in the services market.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The US broker is particularly encouraged by the latest figures for smartphone sales in China, which it says show a "solid" recovery in demand in April and May.
Although the Apple share has largely outperformed the US market since the beginning of the year (+20% versus -1% for the S&P 500), Wells Fargo believes that this momentum should push investors to favour this quality stock.
More generally, the analyst is optimistic about the development of 5G, which he believes will accelerate in late 2020/early 2021, as well as the double-digit growth recorded by the tech giant in the services market.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.