Citi Bumps Up Apple Price Target By 18 percent; Remains Bullish

The apple logo is projected on a screen before the start of a product launch event at Apple's headquarters in Cupertino, Calif., on Sept. 10, 2019. (Josh Edelson/AFP via Getty Images)

Citi analyst Jim Suva bumped up the price target on Apple Inc to $200 from $170 and reiterated a Buy. The new price target implies an upside of 15.6 percent.

Suva notes that demand for Apple’s products and services should be “resilient” in FY22, following market share gains in 2021.

Suva thinks Apple’s current market value fails to fully reflect its launches in new categories.

The analyst sees this changing with the launch of an augmented reality/virtual reality headset. While regulation is an overhang, it presents “headline risk rather than fundamental risk,” and any near-term pullback in Apple shares would be a buying opportunity.

By Anusuya Lahiri

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