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Apple publishes its results on August 3.
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Apple
just snagged two target increases in the stock price – and both analysts cited the tech titan’s personal computing business as a reason for their new projections.
During the weekend,
Wells Fargo
is Aaron Rakers and
German Bank
‘s Sidney Ho raised its price targets on Apple shares (ticker: AAPL), but maintained its ratings. The higher price targets ahead of the company’s third quarter results on August 3.
Rakers raised its price target from $210 to $225 and maintained its overweight rating. Ho raised his price target to $210 from $180 and maintained his buy rating.
Both cited personal computers in their notes – Rakers writing about the industry at large, Ho specifically about
Apple
it’s Mac.
“We continue to believe the PC industry has completed its inventory correction, leaving us to focus on a stabilizing demand environment,” heading into the second half of 2023 and the first half of 2024, Rakers said. “We expect Apple to continue to gain market share as the PC market recovers.”
Earlier this month, market researcher International Data Corp reported a drop in global PC shipments in the second quarter, although sales were better than expected.
Ho wrote that he expects Apple’s third-quarter results and fourth-quarter guidance to meet or exceed Wall Street expectations.
“…our recent audits and third-party data suggest benefits for iPhone, Mac, and services,” he said.
The analyst also said third-party shipment data suggests iPhone and Mac revenues are above Deutsche’s initial estimates of 11% and 8% declines, respectively, from a year earlier.
In midday trading on Monday, the stock rose 0.7% to $193.26. He has gained 49% this year.
Write to Angela Palumbo at angela.palumbo@dowjones.com