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published in Blogs
Apr 29, 2021
Apple (AAPL, $134.65) shares get price target hikes, following earnings beat

Apple (AAPL, $134.65) shares get price target hikes, following earnings beat

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.

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