Apple got rating upgrades from several analysts, following the iPhone maker’s blowout earnings results for its second quarter.
On Wednesday, Apple reported earnings that crushed analysts’ expectations, and also announced a $90 billion boost to its stock buyback program.
Goldman Sachs analyst Rod Hall boosted rating on Apple shares to neutral from sell, while hiking his price target to $130 from $83. Hall had kept a sell rating on the stock for more than a year; in his note he mentioned that his earlier expectation of disappointing iPhone cycle amid the COVID-19 pandemic "was clearly wrong." Hall noted that iPad demand is so solid that Apple says it will leave $3 billion to $4 billion of revenue on the table in fiscal Q3 ending June.
JPMorgan analyst Samik Chatterjee raised his price target on Apple shares to $165 from $150. He reaffirmed overweight rating on the shares. According to Chatterjee, Apple reported a "broad-based beat" across all segments.
Wedbush analyst Dan Ives cited a "drop the mic" quarter, as he boosted his price target to $185 from $175 while affirming his outperform rating. Ives emphasized that Apple " absolutely crushed” Street expectations, with “iPhone revenues beating by 17%+ in a jaw-dropping performance as the iPhone 12 supercycle is playing out before our [and Wall Street's] eyes."
Raymond James analyst Chris Caso increased his price target on Apple shares to $185 from $160 while keeping an outperform rating on the shares.