Here’s Why Wells Fargo Bumped Up Apple’s Price Target by 24 Percent

An Apple logo hangs above the entrance to the Apple store on 5th Avenue in the Manhattan borough of New York City, on July 21, 2015. Mike Segar/Reuters

Wells Fargo analyst Aaron Rakers raised the price target on Apple Inc. to $205 from $165 and reiterated an Overweight rating on the shares ahead of Apple’s earnings on January 27. The price target implies an upside of 24.6 percent.

Rakers increased Q1 revenue/EPS estimates to $117.8 billion/ $1.85 from $116.4 billion/$1.83.