Apple price target boosted to Street high at Loop Capital on iPhone upside
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Apple (NASDAQ:AAPL) is getting some positive commentary from Wall Street, as Loop Capital raised its price target to $210, from $180, a high on Wall Street, as the investment firm believes there is still upside in the iPhone.
Analyst Ananda Barua raised the target, noting that Apple appears poised for both iPhone and average selling price upside this quarter, which should drive overall revenue growth between 10% and 15%, after the company had a strong calendar 2021.
"Weâve found this to be amongst the biggest investor questions surrounding the stock as we enter 2022 [iPhone revenue growth potential, and primarily iPhone ASP potential relative to iPhone unit potential]," Barua wrote in a note to clients. "We believe this bodes well for the stock in 2022 with Street iPhone / overall revenue growth currently at 2% & 5%."
Apple (AAPL) shares are down fractionally to $171.92 in pre-market trading on Friday.
In addition to iPhone upside for the December quarter, which Loop believes could be as high as 85 million, it's likely that iPhone unit sales for the full year will be higher than estimated, between 243 million and 245 million, compared to estimates for 240 million.
"We see material opportunity for iPhone ASP upside to Street for CY2022 as we believe that trends which have manifested through 2021 are continuing to amplify," Barua added.
Earlier this week, it was reported that Apple's (AAPL) AR/VR headset, which is expected to launch later this year, will not be tied to the metaverse and not for all-day sessions.