Home Breaking News Apple’s stock leads Dow gainers after analyst boosts price target

Apple’s stock leads Dow gainers after analyst boosts price target

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Shares of Apple Inc.












AAPL, +0.62%










surged 0.8% in morning trade Monday, enough to pace the Dow Jones Industrial Average’s












DJIA, +0.03%










gainers, after Morgan Stanley raised its price target, to be the third highest among the 44 analysts surveyed by FactSet. The stock’s price gain of $1.23 was adding about 8.5 points to the price of the Dow’s, which was down 14 points. Analyst Katy Huberty bumped her price target up to $182 from $177. The new target is 21% above current levels, 12% above the average target of the 44 analysts surveyed by FactSet of $162.12. When Apple reports on Aug. 1, Huberty expects the company to provide a “weaker-than-consensus” outlook for its fourth quarter ending in September, because of the slightly later iPhone launch than typical–October shipment rather than the usual September. But that delay “creates a dynamic of much better-than-normal December and March quarter seasonality, providing an attractive set up for the stock looking beyond the September guide,” Huberty wrote in a note to clients. The stock has rallied 5.9% over the past three months, while the tech-heavy Nasdaq 100












NDX, +0.04%










has climbed 8.4% and the Dow Jones Industrial Average












DJIA, +0.03%










has gained 4.8%.



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