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Technology Stocks : Apple Inc.
AAPL 318.73+1.1%Jan 17 4:00 PM EST

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From: Moonray11/15/2019 1:31:16 PM
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Apple price target raised to $290 from $270 at Piper Jaffray

Analyst Michael Olson raised his price target for Apple to $290
from $270 after surveying 569 domestic iPhone users.

The shares closed Thursday down $1.83 to $262.64.

The survey suggests a year-over-year improvement in upgrade
rates for the newly released device, Olson tells investors in a
research note.

Specifically, 35% of those surveyed have either already upgraded
to an iPhone 11 or 11 Pro or plan to within the coming months,
which is consistent with 35% in last year's survey, says the analyst.

He is modeling for flat year-over-year iPhone revenue in fiscal 2020,
which is consistent with consensus estimates, and says a "slight
improvement" in upgrade rates could signal potential for upside.

Further, while still nearly a year away, Olson believes the launch
of a 5G iPhone could also drive upgrades.

He maintains an Overweight rating on Apple shares.

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