Investing.com - Apple (NASDAQ:AAPL) was higher in midday trade on Monday after an analyst at Raymond James increased his price target for the tech giant.
Chris Caso boosted his price target to $280 from $250, maintaining a rating of outperform. He said that he sees "more stable near-term conditions" due to the iPhone 11. He also cited reports that Apple plans to launch a low-end model next year as a momentum driver that will help “squeeze shares higher.”
"We increasingly view the 5G opportunity as a two-year cycle, with 5G representing an estimated 40% of mix in the fall 2020 cycle, growing to the vast majority in the 2021 cycle," Caso wrote.
His price tartet is now the highest on Wall Street, according to Briefing.com.
Apple jumped 1.7% in midday trade and has risen nearly 17% in the last three months.