Apple's Stock Price Target Gets a Boost On Increased IPhone Sales Estimates

Apple Inc. stock price target was raised at Canaccord Genuity, citing increased estimates for iPhone sales. Analyst T. Michael Walkley lifted his target to $180, which is 16% above current levels, from $165. He increased his fiscal 2018 iPhone unit sales estimates to 248 million from 242 million. We anticipate a stronger upgrade cycle in C2018 with the 10-year anniversary iPhone 8, as our surveys indicate strong consumer interest in and anticipation for new iPhones anticipated to launch in September," Walkley wrote in a note to clients. Walkley's target is now tied for the third-highest price target among the 44 analysts surveyed by FactSet, behind Drexel Hamilton's $202 target and BTIG's $184 target, while Guggenheim Securities is also at $180, according to FactSet. Apple's stock slipped 0.1% in morning trade, but was just 0.4% below Friday's record close of $156.10. It has soared 34% year to date, while the Dow Jones Industrial Average has gained 6.3%.

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