Investments

Citi raises Apple price target on strong holiday demand for wearables like AirPods, Apple Watch

Citi raises Apple price target on strong holiday demand for wearables like AirPods, Apple Watch

Apple CEO Tim Cook discusses the AirPods at a media event in San Francisco on Sept. 7, 2016.

Citi raised its price target on Apple's stock to $300 from $250, as the firm told investors it expects stronger sales and profits this holiday gift-giving season in a note titled "Why this Christmas is Different for Apple."

Apple shares rose 1.5% in trading to close at $265.58. Citi has a buy rating on Apple and the firm's new price target represents a 15% climb in the stock from its current levels.

"We believe consensus is underappreciating the Apple Watch and Apple AirPods demand strength and Apple's wearables segment likely to surpass $10 billion of quarterly sales this quarter," Citi analyst Jim Suva said.

Show More

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close
Close