Credit Suisse analyst Matthew Cabral raised his share-price target to $120 from $106, maintaining his neutral rating.
The stock traded Tuesday at $131.10, up 1.3%. It has soared 76% over the past year.
“Our tracking of iPhone 12 wait times shows a clear trend toward a better-than-expected mix of iPhone 12 Pro,” he wrote in a commentary. “Waits [are] still extended at more than two weeks” some two month after launch, “versus last year’s 11 Pro that hit supply/demand balance within about six weeks.”
Meanwhile, “we’re also revisiting our forecasts for Apple’s other segments and raising our Mac and iPad estimates,” Cabral said. That reflects “continued consumer/education tailwinds from remote learning and, to a lesser extent, lingering work from home.”
J.P. Morgan analyst Samik Chatterjee has a buy rating and a $150 price target on Apple. He too is enthusiastic about non-iPhone products.
“While expectations for a 5G driven super cycle could be running up against already high investor expectations, we continue to see modest upside drivers in the non-iPhone businesses,” Chatterjee wrote in a commentary.
“The fourth-quarter data points are noteworthy in … indicating continued momentum in other hardware products from sustained work-from-home tailwinds.” That’s “evidenced in the strong momentum from JAMF [a software company that provides service to Apple devices] to close out 2020, as well as momentum in services growth,” he wrote.
Further, “the latest release from Sensor Tower supports our expectations for continued upward revisions to consensus expectations for the non-iPhone segments,” Chatterjee added.