Apple Price Target Raised To $343 From $305

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Piper Sandler analyst Michael Olson raised his price target for Apple (AAPL) to $343 from $305 saying iPhone and Wearables drove the upside in last night's December quarter. The stock in pre-market trading is up 2% to $324.06.

Further, Apple's revenue guidance for the March quarter is 4% above consensus at the mid-point, with the gross margin guidance slightly ahead of the Street, Olson tells investors in a research note. Looking at the remainder of fiscal 2020, Apple is in the "midst of a perfect storm," with current iPhone performing above plan, non-iPhone "trending strongly" and growing anticipation for 5G iPhones that will be coming late in the fiscal year, contends the analyst. He maintains an Overweight rating on Apple shares.


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