An Apple analyst of note raised his price target on Apple shares on Tuesday. Not sure why he’s an Apple analyst of note at this point. His targets have been trailing Apple’s share price for years and they pretty much still are. I am referring, of course, to Bernstein Research analyst Toni Sacconaghi.
The Fly ran the shortest of blurbs on Sacconaghi’s move. Quoting half of it:
The analyst believes Apple benefited significantly from the pandemic, and sees risk of more muted earnings growth over the next few years.
He missed the pandemic growth, for what it’s worth. He’s holding his “Market Perform” rating on Apple shares. He did up his price target though. It was $132. It is now $170. Apple shares closed Tuesday at $175.08.
