Apple (AAPL) PT Raised to $420 at Oppenheimer; 'Pandemic-Resilient Strong Earnings'

July 31, 2020 7:20 AM

Oppenheimer analyst Andrew Uerkwitz raised the price target on Apple (NASDAQ: AAPL) to $420.00 (from $320.00) while maintaining an Outperform rating.

The analyst commented, "Apple reported a record June quarter, with revenue/EPS results exceeding Street expectations by +13.4% and +25.9%, despite the pandemic and several store re-closures. iPad and Mac sales led the quarter's revenue growth. iPhone sales lagged in comparison, but saw increased demand in May and June, which was attributable to strong iPhone SE launch. Management indicated a slight delay to the highly-anticipated iPhone 12 release, and mentioned releases of iOS14 and iPadOS14, Apple Pencil and Siri updates, and other product launches. The company did not give F4Q20 top-line/EPS guidance but gave additional color on opex and tax rates. With continued investments into new products and increased access to public capital, we remain bullish. We raise our PT to $420."

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