Piper Sandler analyst Harsh Kumar raised the firm's price target on Apple to $300 from $260 and keeps an Overweight rating on the shares. The stock closed Tuesday down $3.04 to $259.43.

Piper's latest survey of 5,200 teens show that 85% have an iPhone, the highest percentage ever in the survey and up from 83% in the spring 20 19 and fall 2019 surveys, Kumar tells investors in a research note. In addition, iPhone may have room to move higher, with 88% of teens anticipating their next phone to be an iPhone, says the analyst. Kumar points out that Apple Watch was the top smartwatch among teens, garnering 25% share, up from 20% in the fall survey. The analyst views the survey results as a sign that Apple's place as a dominant device brand among teens "remains well intact."