The Apple logo is seen on the window at an Apple Store on January 7, 2019 in Beijing, China.
Kevin Frayer | Getty Images
Two major analysts hiked their price targets on Apple to near the highest on Wall Street on Friday, a day after the tech giant surpassed $300 a share for the first time.
Bank of America‘s Wamsi Mohan and RBC Capital Markets’ Robert Muller raised their price targets on the consumer tech giant to $330 per share, about 10% higher than the stock closed on Thursday.
Both banks cited strong iPhone demand as a reason for confidence. RBC, which previously had a target of $295 per share, said in a note to clients that the current iPhone model was generating more social media mentions than other recent versions.
“In short, 11/11 Pro interest has been higher and higher-for-longer, which we expect to support Dec-qtr sales results,” Muller said in the note.
Bank of America, which previously had a target price of $290 per share, projected strong performance across Apple’s business segments, including the App Store.
“Longer-term Apple benefits from (1) 5G adoption, (2) strong wearables portfolio, and (3) continued y/y gross profit dollar growth which is favorable for stock price trend,” Bank of America said in a note.
Originally published at CNBC