Apple climbs to record after price target upgrade

Monday, 21. October 2019 17:59

Apple Inc. surged to an all-time high on Monday as Raymond James boosted its price target to $280 per share from $250. Analysts from the investment bank highlighted the upside related to the turnover from iPhone 11 and its potential.

Chris Caso wrote in the report that the rating remains at outperform and that the situation should stabilize in the immediate term. Further on, he estimated the transition to 5G would provide more value in the next two years.

The technology giant based in Cupertino rallied 1.89% to a record $240.88 per share at 11:55 am ET. It gained 52.71% from the end of last year compared to the 14.88% growth in the benchmark Dow Jones Industrial Average.

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