Apple (AAPL) PT Raised to $185 at KeyBanc

August 19, 2022 9:20 AM EDT
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Price: $146.10 +2.56%

Rating Summary:
    46 Buy, 17 Hold, 5 Sell

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    Up: 7 | Down: 8 | New: 24
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KeyBanc analyst Brandon Nispel raised the price target on Apple (NASDAQ: AAPL) to $185.00 (from $177.00) while maintaining an Overweight rating as the firm's index of hardware spending showed a strong increase in July.

The analyst commented, "We recommend owning AAPL and raise our PT to $185 based on strong trends. Our KFLD shows Indexed Spending was +29% m/m in July, vs. the 3-year avg. of +16%. Our data rapidly rebounded post softer results in April through June. July is seasonally the strongest sequential growth month of F4Q, which appears to be off to a strong start, when we would expect Spend to moderate in August and September. Currently, the data supports our above-consensus Hardware revenue estimates, which we increase for iPhone (F4Q22: KBCM $69.6B vs. consensus $68.0B) based on further review of our estimates and F3Q22 results."

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