Apple's Stock Approaches Record Territory After Bullish Canaccord Note

By Tomi Kilgore Markets MarketWatch Pulse

Apple Inc.'s stock inched up 0.1% in morning trade Friday, to sit just below of Wednesday's record close of $144.12, after Canaccord Genuity boosted its price target, given his optimism regarding the technology giant's upcoming iPhone 8. Analyst Michael Walkley, who rates the stock a buy, raised his price target to $165, which is about 15% above current levels, from $154. "Given our expectations for compelling new features and form factors for the iPhone 8 products, we are raising our estimates given our expectations for stronger upgrade sales to the loyal iPhone consumer base," Walkley wrote in a note to clients. "We also believe the impressive installed base should drive strong iPhone replacement sales and earnings, as well as cash flow generation to fund strong long-term capital returns." The iPhone is expected to be released in September. Apple shares have soared 24% year to date, while the Dow Jones Industrial Average has tacked on 4.7%.

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