After Apple's quarterly figures: Analysts raise price target
The bankers at JP Morgan and two other stock houses expect Apple shares to continue to appreciate – albeit to varying degrees.
Course prayers answered? Apple CEO Tim Cook.
(Image: Apple)
Following Apple's good quarterly figures for the period from July to September and a successfully concluded fiscal year, several financial institutions have revised their price targets for the iPhone manufacturer upwards. Evercore, JP Morgan, and TD Cowen now anticipate values per Apple share between $300 and $325. For context: on Monday, the stock closed at $267.40 on the New York NASDAQ at 267.40 dollars, meaning there is still significant room for growth.
Price increase of $50 or more expected
Investment firm Evercore is the most conservative in its new price target for Apple in the current round of increases. In early September, they expected prices between $250 and $260, and at the end of September, $290. Now, the advisory and investment banking firm has raised Apple's price target to $300. JP Morgan Chase, one of the world's largest banking groups, has set a new price target for Apple at $305—shortly after an initial increase (to $290) just a few days prior. The bankers recommend an "overweight" for Apple stock, citing a positive multi-year product cycle and a strong service business.
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Investment bank TD Cowen, part of Canada's Toronto-Dominion Bank, is even more optimistic. Following the announcement of Apple's quarterly figures, the firm increased its price target for Apple stock by a full $50 to $325. The bankers expect a revenue increase in the next quarter that will offset Apple's increased investments, for example, in the AI sector. They consider problems with tariffs on goods from China and Apple's regulatory difficulties regarding the App Store to be minor.
iPhone 17 is performing well
Apple had previously announced that it expects record revenues in the current Christmas season. Sales of the iPhone 17 are reportedly going well. For the full year, revenue reached $416.2 billion, according to Kevan Parekh, Chief Financial Officer, with a net profit of $112 billion. The services business generated revenue of $28.75 billion in the quarter (previous year: $24.9 billion).
The issue of AI remains a concern—here, it's still waiting for an improved Siri. According to the company, Apple continues to invest heavily in the area. Technically, the company is lagging behind; recently, it was stated again that it should help Google.
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