- GF Securities upgraded Apple (AAPL) stock to buy with a $308 price target.
- Strong demand continues for the iPhone 17 base model without delivery delays in key markets.
- Analysts such as Wedbush and Tigress Financial maintain optimistic price targets near $310 and $305.
- Jeffries notes consistent strength in the iPhone 17 base model but warns of potential margin pressure due to product mix changes.
- Some skepticism exists about the sustainability of Apple’s recent stock gains, with resistance seen near $260.
Apple Inc. stock received its first rating upgrade since the company’s quarterly earnings report, as GF Securities raised its rating to buy from hold on Monday. The brokerage also set a new price target of $308, highlighting ongoing strong demand for the iPhone 17 base model and the absence of delivery delays in key markets.
Current price levels of $267.37 show room to grow according to several analysts. Wedbush places a high price target of $310, reinforced by a track record of 91.6% price target accuracy. Tigress Financial issued an equally positive outlook with a $305 target, although their accuracy rate is somewhat lower.
Jeffries analyst Edison Lee reported, “The base model continues to show the most consistent strength, as HK saw a big WoW fall, but the U.S. showed a rise of 13 days, and the rest saw no drop.” However, the firm noted concerns over margin pressure driven by an unfavorable product mix shift between the iPhone 17 and its predecessor, the iPhone 16.
On a broader market view, Katie Stockton, founder and managing partner of Fairlead Strategies, commented on CNBC regarding Apple’s recent stock performance. She identified $260 as a crucial resistance level below which gains appear uncertain. Stockton stated, “Well, we don’t know honestly, but when we look from a top-down perspective, it does look a little bit fragile to us, and that’s based in part on market breadth. We’ve seen a real pullback in market breadth. And of course, we have seen a downtick in momentum.”
At the time of writing on Monday afternoon, shares of Apple (AAPL) were down 1%.
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