Two analysts reiterated buy ratings and raised their price targets for Apple (AAPL) - Get Apple Inc. Report shares after they saw positive signs in the tech giant's store reopenings and its strong growth through online channels since the coronavirus pandemic started.
Shares of the Cupertino, Calif., company at last check were up 0.3% to $317.61.
Deutsche Bank analyst Jeriel Ong raised his price target $320 from $305.
Ong cited Apple's plans to reopen 130 of its 271 stores in the U.S. this week, saying that he saw "store reopenings as a directional sign of improving trends and a drift toward a more normalized demand environment for AAPL."
"While high unemployment and smaller consumer pockets have us worried for the next-generation iPhone launch that typically comes in September/October, we continue to tilt bullish on AAPL," Ong said in a note to investors.
Jefferies analyst Kyle McNealy raised his price target to $370 from $350 after his web traffic analysis indicated "that Apple has seen strong growth through online channels since the start of covid-19," while the new iPhone SE has seen very strong demand through April.
"Initial interest in the iPhone SE is quite remarkable as evidenced through our page traffic mix data," McNealy said in a note to investors.
"We see Street iPhone expectations as conservative for the June quarter and they don’t fully appreciate strength from online channels and the launch of the iPhone SE as positive offsets to brick and mortar declines."
McNealy said he continues to see "the 5G cycle later this year as the biggest catalyst for Apple moving forward."
"We think investors will look past near-term results to the 5G cycle in fiscal 2021, especially given covid-19 impact," he said.