Shares of Apple Inc. (AAPL) rose 0.7% in premarket trading, putting them on track for a seventh straight gain, after Wedbush analyst Dan Ives raised his price target, saying he believes the technology behemoth is laying the ground work for the next chapter of growth. The last time the stock rose for seven-straight sessions was the nine-day win streak ended April 8, 2019. The stock has rallied 9.0% over the past six days to close Monday at the highest level since Feb. 20. Ives raised his price target to $350 from $335 while maintaining his outperform rating, "reflecting our further confidence that the eye of the storm is in the rear view mirror for Apple from both a demand and supply chain perspective." He said Apple's "rock solid" services business has been a savior for the company amid the COVID-19 pandemic, while the new iPhone 12 should start the road to recovery, as it should kick off an upgrade cycle for Apple's large installed base. The stock has gained 7.3% year to date through Monday, while the Dow Jones Industrial Average has dropped 15.1%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
May 12, 2020 07:23 ET (11:23 GMT)
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