Evercore ISI raised its price target for Apple Inc. to $330, up from $325. The firm simultaneously reaffirmed its "Outperform" rating.
Evercore based the adjustment on two factors: strong iPhone demand and reduced memory cost headwinds. This confidence led to an upward revision of December quarter estimates. Evercore projects revenue at $140.5 billion and EPS at $2.71, figures that both exceed current consensus.
Despite the bullish signal, Apple stock saw a slight intraday dip during early trading on January 9. The broader consensus remains a "Buy" among 25 analysts. The average price target stands at $289.71.