Pacific Crest analyst Andy Hargreaves reiterated his overweight rating on Apple and upped his 12-month price target to 150 from 140.
Apple ended the trading day up 0.7% to 144.77 on the stock market today, a record high for the Dow Jones industrial average component.
“We continue to recommend owning AAPL,” he said. “Recent checks at suppliers indicate strong initial indications of component orders for the coming iPhone cycle, which prompts an increase to our unit estimates at the high end of the iPhone lineup. This drives our EPS estimates higher.”
Based on component orders, Hargreaves expects Apple to build at least 100 million high-end iPhones in the second half of calendar 2017. The iPhone 8 is expected to be launched in mid-September, he said.
Also Tuesday, UBS analyst Steven Milunovich reiterated his buy rating on Apple stock with a price target of 151.
IBD’S TAKE: Apple is on IBD’s Leaderboard list of actionable stocks with the potential for big gains.
Vinh reiterated his overweight rating on Broadcom with a price target of 260. He upgraded Cirrus Logic and Skyworks to overweight from sector weight. He set a price target of 75 on Cirrus Logic and 120 on Skyworks.
Broadcom ticked up fractionally to 218.96; Cirrus Logic was up 4.9% to 63.47; and Skyworks was up 1.7% to 99.35 at the close Tuesday.