Piper Jaffray analyst Michael Olson raised his price target for Apple (AAPL) to $243 from $230 after the company reported June quarter revenue and earnings ahead of Street expectations.
The stock in premarket trading is up 4%, or $8.97, to $217.75.
The analyst expects "limited excitement" around this year's iPhone launches. However, as long as Apple's other segments continue to perform at or above expectations, "this will tide investors over" until anticipation for 5G iPhones begins to build, which is likely to start happening in the second half of 2019, Olson tells investors in a research note.
He maintains an Overweight rating on Apple.
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