Raymond James analyst Chris Caso boosted his price target on shares of Apple Inc.
AAPL,
to $150 from $140 Monday, writing of an upbeat dynamic that could play out in the company’s upcoming earnings report. “For December, we believe iPhone units were simply in-line with expectations, but the story is about mix, as consumers appear to have preferred the higher priced models in the lineup, perhaps encouraged by generous U.S. carrier subsidies,” Caso wrote ahead of Apple’s Wednesday afternoon earnings report. He’s also optimistic about sales of AirPods, Apple Watches, and Macs, noting that he’s seen “consistent positive supply-chain revisions.” Looking beyond the latest quarter, Caso expects the 5G iPhone to be a “two-year cycle” with positive trends carrying into Apple’s next fiscal year. He has an outperform rating on the stock, which has risen 25% over the past three months as the Dow Jones Industrial Average
DJIA,
has gained about 9%.
