Image via Apple Stocks App for AAPL 1/25 - 1/31/2022
So many price targets on Apple have gone higher since last Thursday. That is, of course, when Apple reported record revenue for the December-quarter and said it expects record revenue for the current quarter, too.
It was that one-two combination that got Morgan Stanley analyst Katy Huberty to get out her step-stool… or whatever one uses to raise a target. Apple 3.0 ran part of a note she wrote. In fact, unless otherwise stated, these will all be from Apple 3.0. Huberty says she and hers were expecting revenue, gross margin, and EPS higher than consensus, and Apple beat even her expectations. “When coupled with a stronger than anticipated March quarter guide,” wrote the Hube, the “results illustrate the strength and stability of Apple’s product and services ecosystem…” A piece from Apple Insider had the analyst keeping the Cupertino-company’s shares as a Morgan Stanley top pick for 2022. Huberty has an “Overweight” rating on Apple shares. After last week’s earnings report, she raised her price target on the shares from $200 to $210.
Despite the current quarter’s “solid, but decelerating” revenue growth signaled by Apple, Raymond James analyst Chris Caso says the company is still expecting more than were he and other analysts. He expects iPhone to keep growing over the next year, and that will “pay dividends for services growth.” He’s also excited about whatever Apple has planned for VR, though he’s not sure that’ll happen in 2022. Caso has an “Outperform” rating on Apple shares. He upped his price target on the shares from $185 to $190.
Oppenheimer analyst Martin Yang is also turned on by Apple’s large and growing number of customers. “Notably,” read his note:
…Apple is still gaining new customers at impressive pace, with 6 out of 10 MacBook buyers in China, 1/2 iPad, and 2/3 Watch buyers new to devices. Those new users will likely purchase more devices in the Apple ecosystem and contribute sustainable growth to Apple’s active installed base.
He’s got an “Outperform” rating on Apple shares. He raised his price target on the shares from $170 to $190.
Cowen & Co. analyst Krish Sankar grooved and continues to groove on Apple’s ability to deliver despite supply constraints (iPad not included). A piece from Apple Insider has Sankar writing:
Shortages have yet to fully abate, still AAPL's solid supply chain execution is able to deliver near-term upside in hardware shipments… Coupled with better than expected Services growth and margins, we think AAPL effectively delivered a beat & raise relative to market sentiment.
Sankar has an “Outperform” rating on Apple shares. He raised Cowen’s price target on the shares from $180 to $200.
BofA analyst Wamsi Mohan thinks investors will keep buying Apple shares thanks to its predictable cash flow. Customers are also buying at the high-end of Apple’s product range. He’s got a “Buy” rating on Apple shares. He raised his price target on the shares from $210 to $215.
Goldman Sachs analyst Rod Hall stayed “Neutral” on Apple shares, though he raised his price target on them. It was $142. It’s now a still soggy $161. Same goes for Barclays analyst Tim Long. He stayed with an “Equal weight” rating and raised his target from $145 to a still soggy $169.
UBS analyst David Vogt kept his “Buy” rating and raised his price target from $175 to $185.
Monness Crespi’s Brian White kept his “Buy” rating and upped his target from $184 to $199.
D.A. Davidson’s Tom Forte kept his “Buy” rating and raised his target from $170 to $185.
R.W. Baird analyst William Power stuck with his “Outperform” rating and raised his target from $185 to $190.
Cannacord Genuity analyst T. Michael Walkley went on with his big, bad “Buy” rating on Apple shares. He upped his target from $185 to $200.
And Deutsche Bank analyst Sidney Ho kept his “Buy” rating on Apple shares. He upped his target from $200 to what looks to be a Street-high target of $220.
