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

By Tomi KilgoreMarketsMarketWatch Pulse

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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