Apple Inc. (NASDAQ:AAPL) analysts have increased their price targets

Apple Inc. (NASDAQ:AAPL) analysts have increased their price targets

Apple Inc. (NASDAQ:AAPL) analysts have increased their price targets

Apple’s stock price hit a one-year high on Thursday, jumping as much as 1.5%, as investors continue to be optimistic about demand for the new iPhone 11 models.

Several Wall Street analysts have issued price upgrades or reiterated bullish targets on Apple in recent weeks amid stronger-than-expected demand for the new crop of iPhones.

Here are some of the firms that have either increased price targets or reiterated bullish ratings on Apple in recent weeks:

  • Nomura: Increased price target to $US205, up from $US185
  • Canaccord Genuity: Bumped PT to $US260, up from $US240
  • Longbow Research: Upgraded to “buy” and established a $US260 PT
  • Piper Jaffray: Reiterated $US243 PT and “overweight” rating
  • Wedbush: Maintained $US245 PT and “outperform” rating

Nomura Instinet boosted its price target on Apple earlier this week citing solid iPhone 11 demand based on shipping times for the upcoming models.

“Shipment times for the 11 and 11 Pro have held above 2018 levels since launch in both the U.S. and China,” Nomura analyst Jeffrey Kvaal said in a note to clients on Monday. “We expect the stronger iPhone volumes to boost wearable demand and AppleCare subscriptions.”

The optimism around iPhone 11 demand picked up last week on a report that Apple asked its suppliers to increase production by up to 10%, or 8 million units. The request came amid an influx of orders for Apple’s lower-end iPhone 11 model and the iPhone 11 pro.

Wedbush analyst Daniel Ives said its likely China is one of the main drivers of the uptick as Chinese consumers are attracted to the lower price point dual-camera functions, and the array of colour options.

“We continue to believe iPhone units could exceed 185 million for FY20 based on the demand trajectory we have been seeing over the last few weeks,” Ives said in note to clients on October 4.

Shares of Apple are up more than 45% year-to-date.

Technical Indicators

Overall, the bias in prices is: Upwards.

Note: this chart shows extraordinary price action to the upside.

The projected upper bound is: 242.04.

The projected lower bound is: 218.82.

The projected closing price is: 230.43.

Candlesticks

A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 5 white candles and 4 black candles for a net of 1 white candles. During the past 50 bars, there have been 22 white candles and 27 black candles for a net of 5 black candles.

Momentum Indicators

Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 75.7096. This is not an overbought or oversold reading. The last signal was a buy 11 period(s) ago.

Relative Strength Index (RSI)

The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 64.33. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 90 period(s) ago.

Commodity Channel Index (CCI)

The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 124.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 2 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 3 period(s) ago.

Rex Takasugi – TD Profile

APPLE INC closed up 3.060 at 230.090. Volume was 9% above average (neutral) and Bollinger Bands were 28% narrower than normal.

Open     High      Low     Close     Volume___
227.930 230.440 227.300 230.090 28,962,984
Technical Outlook 
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period     50-period     200-period
Close: 224.27 213.38 192.19
Volatility: 29 35 35
Volume: 29,690,690 29,523,026 29,257,586

Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.

Summary

APPLE INC is currently 19.7% above its 200-period moving average and is in an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 periods. Our volume indicators reflect volume flowing into and out of AAPL.O at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on AAPL.O and have had this outlook for the last 36 periods.

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