JP Morgan boosts Apple share target price to $350
What you need to know
- JP Morgan has raised its Apple target share price.
- It's now up to $350, from $335.
- It also affirmed an 'overweight' rating for Apple.
Off the back of a Q2 earnings call in which Apple managed to record YoY growth despite the COVID-19 pandemic, JP Morgan has upped its target Apple share price to $350.
As TheStreet (opens in new tab) reports:
The report notes that despite recording $58.3 billion in revenue for Q2, Apple's shares dipped slightly in-after hours trading. One of the most notable aspects of the call was that Apple did not release any official guidance for its Q3 earnings. Instead, it simply stated that it expects iPhone and wearables performance to worsen and Mac and iPad to improve over the next three months.
JP Morgan's Samik Chatterjee has reportedly added Apple to its Analyst Focus List "as a top pick in their coverage area." Further, they noted that Apple's stock "should gain from investor positioning for the ramp-up of 5G service, increasing confidence in Apple's service." They also believe that Apple will benefit from "stronger-than anticipated" iPhone sales and "buoyant sales in the second half of April" thanks to the iPhone SE. It was also noted that Apple could gain from "underappreciated leverage" regarding working from home, online learning, and stay at home measures, which should improve iPad and Mac sales.
Regarding the upcoming quarter, Apple noted in its earnings call that there is a "lack of visibility and uncertainty in the near-term", making it impossible to provide guidance to investors.
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Stephen Warwick has written about Apple for five years at iMore and previously elsewhere. He covers all of iMore's latest breaking news regarding all of Apple's products and services, both hardware and software. Stephen has interviewed industry experts in a range of fields including finance, litigation, security, and more. He also specializes in curating and reviewing audio hardware and has experience beyond journalism in sound engineering, production, and design.
Before becoming a writer Stephen studied Ancient History at University and also worked at Apple for more than two years. Stephen is also a host on the iMore show, a weekly podcast recorded live that discusses the latest in breaking Apple news, as well as featuring fun trivia about all things Apple. Follow him on Twitter @stephenwarwick9