Apple PT raised at Tigress as products, services set to drive 'record performance'
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Apple (NASDAQ:AAPL) shares were modestly higher on Tuesday after Tigress Financial raised its price target on the tech giant, noting that strong demand and new products and services should drive shares in 2022.
Analyst Ivan Feinseth raised his price target to $210 and reiterated the firm's strong buy rating, noting that following Apple's first-quarter results, fears of a supply chain hold up and any concerns about waning demand for its products were likely assuaged.
"Results could have been even better with more inventory, but [Apple] also saw improving supply chain issues throughout the quarter and sees further improvement throughout the calendar year 2022," Feinseth wrote in a note to investors. 
"[Apple's] industry-leading position and strong brand equity, driven by its innovative ability and powerful cash generation, will continue to generate an increasing Return on Capital, driving the ongoing growth of Economic Profit and shareholder value creation."
Apple shares were up nearly 1% to $170.40 in mid-day trading on Tuesday.
The analyst also called out Apple's services business, including the recently announced Tap to Pay on iPhone, which will allow merchants and small businesses to take payments directly on iPhones using NFC technology without the need for additional hardware, as a growth driver for revenue. 
During the period, Apple generated $19.52 billion in Services-related revenue, up 24% year-over-year.
Feinseth noted that all Apple products saw "record demand," save for the iPad, which declined 14% year-over-year to $7.25 billion, but the analyst noted that could improve "with an expected product refresh that could be announced sometime in March along with a new entry-level priced iPhone."
"[Apple] continues to enhance shareholder returns through the ongoing return of cash through dividend increases and share repurchases, having just announced a new $50 billion share repurchase authorization," the analyst explained. 
Earlier this month, Wells Fargo said that Apple may be at an "inflection point" for adoption in the enterprise, citing improved productivity on its Mac computers thanks to the M-series of processors.