FIT - This Investment Bank Says Apple Stock Is Worth $300
Apple (NASDAQ: AAPL) investors are in store for a fun holiday season.
Citigroup (NYSE: C) says blockbuster sales of the tech titan's AirPods and Apple Watch products are likely to fuel higher-than-expected revenue and earnings during the holiday quarter. In turn, the investment bank reiterated its buy rating on Apple's stock and boosted its target price from $250 to $300.
"We believe consensus is underappreciating the Apple Watch and Apple AirPods demand strength," Citi analyst Jim Suva said, adding that the company's wearables segment is "likely to surpass $10 billion of quarterly sales this quarter."