“Apple Inc.’s new slimmed-down iPhone is getting an upbeat reception from Wall Street analysts, who on Thursday raised share-price targets on the company,” Matt Jarzemsky reports for The Wall Street Journal.
“The upbeat reception, which was helped by the company’s plans for quickly getting the new iPhone in customers’ hands, indicates analysts expect further increases in the stock price of the world’s largest company by market capitalization,” Jarzemsky reports. “‘The iPhone 5 launch exceeded our expectations on the specs and the pace of the rollout fronts, and we think there could be further upside to our estimates,’ J.P. Morgan analyst Mark Moskowitz wrote in a note to clients Thursday.”
Jarzemsky reports, “Mr. Moskowitz reiterated his ‘overweight’ rating on the shares-similar to a recommendation to buy them-and his price target of $770. Some analysts at other firms raised their share-price estimates, with Deutsche Bank boosting its projection to $775 from $650 and Barclays increasing its target to $810 from $750. Shares of Apple hit an all-time closing high of $682.98 Thursday, and are up 66% so far this year, more than four times the gains in the Standard & Poor’s 500-stock index.”
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