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<\/div>\nShares of Apple<\/a> edged down Thursday (June 11) after a week of gains, which were fueled in part by rising analyst optimism over the tech giant’s prospects as the coronavirus pandemic eases.<\/p>\n Apple’s stock price fell 1.16 percent to $348.76 a share amid a much larger decline by the Dow Jones Industrial average after posting a 9 percent gain over the four previous trading days.<\/p>\n Bank of America<\/a>, Wells Fargo<\/a> and HSBC<\/a> have all raised either their ratings or target prices on Apple in recent days, according to Bloomberg<\/a>, with analysts forecasting a surge in sales growth as the tech company prepares to launch its 5G iPhone in the third quarter.<\/p>\n Industry publications have reported Apple is preparing to start production on its new lineup of 5G iPhones<\/a> in July, with plans to unveil the new iPhones in September.<\/p>\n While everything from wearables to its new video streaming service are increasingly important to Apple’s bottom line, iPhone sales still provide a huge chunk of the company’s revenues, accounting for more than half of its fiscal 2019 revenue, or $142 billion out of $260 billion.<\/p>\n Bank of America is the latest to jump on the Apple bandwagon, with Analyst Wamsi Mohan<\/a> boosting his price target to $390 a share, the highest on Wall Street, up from $340 previously. That represents an 11 percent premium over Apple’s current trading price.<\/p>\n The BoA analyst is predicting a 20 percent jump on Apple’s product revenue over the next year, led by iPhones and wearables.<\/p>\n Apple shares have been on a tear since hitting a low point of $229.16 a share on March 16, as states across the U.S. and countries across the world rolled out lockdown measures to prevent the spread of the coronavirus<\/a>.<\/p>\n Apple’s stock price has since surged past its most recent 52-week high, when shares reached $324.95 on Feb. 10.<\/p>\n Tags:<\/b> Pymnts<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"See Campaign: <\/strong>https:\/\/www.pymnts.com\/tag\/coronavirus\/<\/a>
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Shares of Apple edged down Thursday (June 11) after a week of gains, which were fueled in part by rising analyst optimism over the tech giant’s prospects as the coronavirus pandemic eases. Apple’s stock price fell 1.16 percent to $348.76 a share amid a much larger decline by the Dow Jones Industrial average after posting a 9 … Continue reading Apple Shares Buoyed By Analyst Optimism<\/span><\/a> Continue Reading