Apple +3.1% as Drexel bulls up; suppliers reportedly starting early
May 08, 2017 2:00 PM ETApple Inc. (AAPL)AAPLBy: Jason Aycock, SA News Editor83 Comments
- Apple (NASDAQ:AAPL) is up 3.1% to an all-time high after getting a heavy price target from Drexel Hamilton, and amid news that some iPhone suppliers are ramping up earlier than expected.
- Drexel's Brian White has boosted the firm's price target for Apple to $202, highest among analysts, from $185, pointing to improving sentiment on the stock, "among the most underappreciated" in the world. Investors are likely to look past summer numbers toward the iPhone 8 and more news about capital distribution.
- The $202 target implies 31.6% upside from today's higher price.
- Meanwhile, a Chinese report pointed to by Bloomberg says some circuit board makers will begin work for the iPhone 8 in June, a month earlier than expected. Kinsus Interconnect and Zhen Ding are getting started early, according to Taipei's Economic Daily News; Taiwan Semiconductor Manufacturing is starting volume production of A11 chips for the next iPhone in late July, on track for a September unveiling and October on-sale.