UBS analyst Timothy Arcuri raised his price target on shares of Apple Inc. on Monday. The analyst bumped his target to $235 from $225 one day ahead of Apple’s Q3 earnings report. The news helped send Apple’s stock higher, with $AAPL trading at $210.075 per share in afternoon session, a gain of $2.335 (+1.12%), on moderate volume.
Mr. Arcuri told his clients that he didn’t expect Tuesday’s Q3 report itself to be a “material catalyst” for Apple’s stock. Instead, he said that expectations are low for Apple, and regardless of Q3 results, the 2020 iPhone cycle will be good.
“Even if this year is subdued,” he wrote, according to Marketwatch, “it only sets up for a stronger 5G cycle in 2020 (at least two models. Apple has traded with the market in the recent weeks, but July/Aug are historically the best months to buy for three-month return and we slightly bump up our target.”
Apple will report earnings for the June quarter, the company’s third fiscal quarter, after the markets close on Tuesday.
*In the interest of full disclosure, the author holds a tiny, almost insignificant share in AAPL stock that was not an influence in the creation of this article.