Monness, Crespi, Hardt, & Co. analyst Brian White raised his price target on shares of Apple Inc.
to $300 from $275 on Friday. He is the most bullish analyst on the shares among those analysts listed on FactSet. Apple shares are down 0.5% in Friday morning trading. White wrote that his new target reflects his “view that Apple’s stock is still underappreciated with a depressed valuation, combined with [his team’s] enthusiasm around this week’s innovations that support this durable iPhone cycle with favorable ASPs.” He’s upbeat about the iPhone XR, Apple’s new LCD phone, which White expects could prompt a wave of upgrades among those who currently have phones in the iPhone 8 and iPhone 7 families. The OLED iPhone XS and iPhone XS Max devices “can nudge more consumers into the luxury iPhone category,” he wrote, and also give Apple “a favorable pricing tailwind.” Apple shares are up 42% over the past 12 months, while the Dow Jones Industrial Average
has climbed 18%.
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