Apple's stock price edged up 1.25% to $239.36 after Raymond James boosted its price target on the iPhone maker to $280 a share, up from $250, which implies an 18% premium over its closing price Friday of $236.41, Bloomberg reported. Raymond James also maintained its outperform rating on Apple.
The boost from the top analyst comes as Apple stock rides a months-long winning streak, with investors buying into the company's big push to reap revenue from its growing array of services aimed at iPhone and Mac users.
Apple is gearing up to launch its much-touted Apple TV and streaming service in November, and is also pushing other services such as Apple News+, Arcade and the Apple Card.
Meanwhile, sales of Apple's newest iPhone, iPhone 11 and iPhone 11 Pro, are performing better than expected.
Apple's supply chain partners have boosted production to meet an expected rise in demand, according to analysts at Wedbush. The firm has boosted its estimate for 2019 sales of iPhone 11, iPhone 11 Pro and iPhone 11 Pro Max to 80 million phones, up from 75 million previously.
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