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

By Benzinga
January 21, 2022 Updated: January 21, 2022

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.

Rakers expects a focus on any commentary supportive of a belief that the supply chain is improving, continued confidence in strong end-user demand across the portfolio, as well as services/subscriptions momentum.

He thinks the investment case for Apple has more to do with the company’s monetization of the installed base through an expanded portfolio of products and services like AR/VR and auto rather than the near-term setup.

By Anusuya Lahiri

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