At Bank of America Securities, analyst Wamsi Mohan affirmed a buy rating and lifted his target to $290 from $270.
And at Evercore ISI, analyst Amit Daryanani raised his price target on the Cupertino, Calif., company to $305 from $275, Bloomberg reported. Daryanani affirmed an outperform rating on the stock.
Apple shares were trading up 0.6% to 270.12 on Wednesday and are up about 70% this year.
Mohan sees several drivers for Apple's stock:
-- The adoption of 5G technology could see the company sell 200 million-plus iPhones in 2020 through 2022. He sees continued strong demand for the handset.
-- Mohan says the company's wearables portfolio "is attractively priced to support adoption," singling out the $169 AirPods and a $200 Apple Watch.
-- The company's continued increase in gross-profit dollars "is favorable for the stock price."
-- The current stock price assumes no growth in hardware revenue, whereas he sees low-single-digit growth as "reasonable."
-- And he sees continued double-digit growth in Apple's Services revenue.
Among potential risks, Mohan wrote that if the tariffs that the Trump administration has threatened to put in place on an additional group of Chinese goods go into effect as scheduled Dec. 15, they could "disadvantage Apple against Samsung (SSNLF) ."
In addition, the launch of 5G technology likely comes with higher costs.
As an investment, Mohan sees Apple as relatively cheap. The stock is currently trading around 23 times trailing-12-months earnings and he sees that multiple declining to below 15 in 2022.