Canaccord now has a $260 price target on Apple, up from its previous view of $240, despite the overhang of the China trade war as demand for 5G capable phones outweighs headwinds. Wall Street's top price target on Apple is $270.
The new price target represents a potential 16% upside from the stock's previous closing price of $224.40. Apple shares were rising 1% to $226.74 in trading on Wednesday.
Meanwhile, Apple is facing pressure in China following the company's decision to allow an app called HKmaps that is being used by protesters in Hong Kong to find out about street closures and where there's a police presence in the besieged enclave.
An article in the state-run China Daily attacked Apple for allowing the app to be downloaded, stating that "the developers of the map app had ill intentions by providing a 'navigation service' for the rioters. Apple's approval for the app obviously helps rioters. What was its true intention?"
Apple is a key holding in Jim Cramer's Action Alerts PLUS charitable trust.