Apple Stock Summary:
- Apple stock hit a new record of $275.15 after phase one agreement between the US and China.
- Bank of America revised its price target for Apple stock from $270 to $290, Evercore raises price target from $275 to $305.
- 3 Golden Globe nominations for Apple’s Original Series, “The Morning Show”.
Apple Stock Price Reaches New Record As China And The US Agree to Halt Tariffs
Apple stock price reached a new all-time high of $275 After China and the US reached agreements on the long-anticipated Phase 1 deal as both sides agreed on some relief on tariffs. The market reacted to the news arrived on Friday, and the S&P 500 rose 32 points (1% increase). Apple would have been hit by those tariffs which could add 15% to prices of its flagship products, therefore, the recent news encouraged investors optimism regarding the stock price which in turn raised to $275.
Although such news are encouraging for Apple’s potential revenue In the short term, it’s too soon to determine whether how this agreement will affect the US-China ongoing trade tensions.
Bank of America and Evercore Analysts Raises Apple Stock Price Target to 290$
After Citigroup and Morgan Stanley, two of the biggest investment banks raised their price target of Apple stock since the company’s latest earnings reports, Bank of America’s securities analyst Wamsi Mohan raised his price target to $290 from $270.
According to Mohan, there are currently several drivers that justify this price target revision, like the future effect of 5G adoption that could boost the company’s weak demand for iPhones and the competitive price of Apple’s wearables such as AirPods and Apple Watch, that could increase sales even further. Mohan also predicts continued double-digit growth in Apple’s Services revenue and more moderate growth in the company’s hardware segment.
Another bullish price target revision arrived from Evercore’s analyst Amit Daryanani, who raised his price target on the stock to $305 from $275. Daryanani’s optimism is based on signs of strength that were reflected in Apple’s robust sales during the holiday season. He also believes that Apple’s AirPods were the top seller on Black Friday this year and that the iPhone 11’s lower price made the product more attractive in the Chinese market.
On November 21, I Know First published a bullish forecast for apple stock generated by its algorithm, with a high signal of 242.9 for the 12-month time horizon. The forecast was published together with the analysis report by senior analyst Motek Moyen, with a price target of $290. Since then, we reported two bullish price revisions made by top investment banks: Citigroup, and Bank of America. Since our bullish forecast, Apple stock price rose 5% from $262.01 to $275.15.
Multiple Golden Globe Nominations of Apple’s Original Series “The Morning Show”
The new series is nominated for the “Best TV Series” award. Both actresses Jennifer Aniston and Reese Witherspoon are also nominated for the “Best Performance by an Actress” award. With those new nominations, Apple makes history by becoming the first streaming service to earn nominations in its launch year.
Apple’s head of Worldwide Video, Zack Van Amburg, reacted to the nominations: “Thank you to the Hollywood Foreign Press Association for today’s historic nominations, After the debut of Apple TV+ just last month, today’s nominations are a true testament to the powerful storytelling that went into ‘The Morning Show,’ as well as all of our Apple Originals.”
The “Morning Show”, Apple’s TV+ flagship Drama, was launched together with the new service on November 1st. The plot is focused on the crew of a successful morning show that is thrown into chaos when co-anchor Mitch Kessler is fired amid allegations of sexual harassment. The new nomination might serve as an indicator for the quality of Apple’s original series productions and the return on its big $6 billion investment in the streaming arena.
