Bank of America Merrill Lynch raised its price target on Apple’s stock from US$300 per share to $325. According to a MarketWatch report, the firm cited future strength in iPhone sales as the primary reason for the increase.
“We believe multiple tailwinds exist for iPhones, including strength at AT&T and internationally, and Asia production levels remain solid. We raise our iPad estimates on better-than-expected sales (with lengthy lead times) and Asia channel checks,” the firm said in a research note to clients.
BoA Merrill Lynch maintained its Buy rating on the stock, as well.
AAPL traded higher Friday, closing at $256.88, a gain of $3.53 (+1.39%), on moderate volume of 29.1 million hands trading hands.
*In the interest of full disclosure, the author holds a small share in AAPL stock that was not an influence in the creation of this article.