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Apple's stock gains after analysts increase price targets



Shares of Apple Inc.

AAPL, + 0.52%

rose 0.4% in premarket trading Friday, after analyst Daniel Ives on Wedbush raised its price target, citing expectations of strong iPhone sales growth. Ives reiterated its excellent ranking, but raised the stock price target to $ 325, now the highest of the 43 analysts surveyed by FactSet, from $ 300. He wrote in a note to clients that he believes Apple is "still in the midst of a renaissance of iPhone growth heading into 2020 that will further catalyze the stock higher as it is reassessed from Street. " Separately, J.P. Morgan & # 39; s Samik Chatterjee at J.P. Morgan's price target at $ 290 from $ 280, with optimism about the technology giant's potential in advertising. "While investors are trying to identify the next big frontier for services, we believe that hidden in view and underappreciated by most is the advertising opportunity within Apple's fingertip, given the secular migration of advertising dollars to mobile platforms, the large installed base of the [1

billion] iPhone users, and more importantly, Apple's successful exploration of advertising to date, "Chatterjee wrote in a research note. Apple's shares have risen 66.5% so far today through Thursday, while the Dow Jones Industrial Average

DJIA, + 0.33%

got 19.1%.


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