Apple Price Target Up to $355 at Canaccord; Trends Seen Strong Through 2021
At Apple (AAPL) - Get Report "strong trends across all business lines should continue through 2021," with services the leading growth driver, Canaccord Genuity analyst T. Michael Walkley said.
In a note the analyst affirmed a buy rating on the Cupertino, Calif., tech giant and lifted his price target 29% to $355 from $275.
The new target indicates 14% potential upside from the stock’s Tuesday closing price. At last check, the shares were up 0.5% at $314.20.
“[Apple’s] ecosystem approach, including an installed base that exceeds 1.4 billion devices globally, is leading to record services revenue, and we expect the higher-margin service revenue growth to continue outpacing total company growth,” Walkley wrote.
In services, “the pricing of Apple TV+, which is at the low end among competing ...