Market Overview

Canaccord Raises Apple Price Target; Larger iPhone, iPad Screens May Grab Share

Share:

On Monday, Canaccord Genuity raised the Apple (NASDAQ: AAPL) price target from $570 to $600 and maintained a Buy rating. Michael Walkley, analyst at Canaccord, believes Apple could “gain market share” of high-end smartphone and tablet markets during the first half of 2014.

Walkley feels “Android OEM's have only added incremental improvements to their prior generation smartphones.” The Canaccord analyst is expecting "a strong upgrade cycle among Apple's loyal base” given a lack of innovation from competitors and upcoming iPhones and iPads which will have larger screen sizes.

Surveys indicated “certain carrier upgrade policies were more strictly enforced and adversely impacted the near-term uptake of the increasingly popular early upgrade or smartphone leasing type of plans,” according to the analyst. Walkley anticipates “stronger take-up rates...once current subscribers reach the end of their 24-month contracts."

Shares of Apple are flat on the day, last trading at $526.50. Walkley's new price target on Apple shares suggests potential upside of about 14 percent from where the stock is currently trading.

Latest Ratings for AAPL

DateFirmActionFromTo
Sep 2020Raymond JamesMaintainsOutperform
Sep 2020CitigroupMaintainsBuy
Sep 2020JefferiesMaintainsBuy

View More Analyst Ratings for AAPL
View the Latest Analyst Ratings

 

Related Articles (AAPL)

View Comments and Join the Discussion!

Posted-In: Analyst Color News Price Target Analyst Ratings

Latest Ratings

StockFirmActionPT
ATEMaxim GroupInitiates Coverage On1.0
MNPRMaxim GroupInitiates Coverage On11.0
RDS/BScotiaBankInitiates Coverage On34.0
RDS/AScotiaBankInitiates Coverage On34.0
ARNorthland Capital MarketsUpgrades6.9
View the Latest Analytics Ratings
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com