Apple: Wells Fargo raises target price

(CercleFinance.com) - Wells Fargo is reiterating its "overweight" rating on the Apple share ahead of the company's quarterly earnings on 30 July.


In a note to clients, the broker however warned that it is "cautiously biased" on the near term, as it sees Wall Street expectations as "potentially too optimistic" given the current environment and uncertainties surrounding the 5G iPhone upgrade cycle.

Although Wells Fargo views Street estimates as being potentially too high, it is increasing its own forecasts, saying double-digit services growth and paid subscriber expansion will be "key," which prompted an increase in its target price from 400 dollars to 420 dollars.

The Apple stock is currently down almost 3% on the New York Stock Exchange.

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