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J.P. Morgan Raises Target on Apple to $230 ahead of Q2 Results

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Apr. 29 2019, Published 10:44 a.m. ET

Optimism in the key US indexes

On Monday morning, the broader market started an important week of the ongoing earnings season on a positive note. At 10:50 AM EST, the S&P 500 Index, the NASDAQ Composite Index (QQQ), and the Dow Jones Industrial Average were trading with 0.2%, 0.3%, and 0.1% gains for the session, respectively. Also, investors’ high hopes from the latest round of US-China trade talks could be keeping investor optimism alive.

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US-China trade talk development

Yesterday, Treasury Secretary Steven Mnuchin said, “We’re getting into the final laps” of the US-China trade negotiations, the New York Times reported. The news could raise investors’ expectations of a trade deal with China in the coming few weeks. Mnuchin has been closely involved in the ongoing US-China trade negotiations.

J.P. Morgan raised its price target on Apple stock

Earlier today, analysts at J.P. Morgan (JPM) marginally raised their price target on Apple (AAPL) stock to $230 from $228 earlier, according to Thomson Reuters.

In February 2019, before Apple’s unveiling of its video streaming services, J.P. Morgan analyst Samik Chatterjee said in a report, “Apple should buy: Netflix, Activision Blizzard and Sonos,” CNBC reported.

Other recent upgrades

On March 25, Apple unveiled its video streaming services called Apple TV+, which excluded Netflix, in a special event at its headquarters in Cupertino, California. During the event, Apple also unveiled other services like its news subscription services, Apple News+, and its game subscription service, Apple Arcade. After its services unveiling event, analysts at reputed Wall Street firms including UBS and Morgan Stanley raised their targets on Apple stock. The company is set to release its March 2019 quarter results tomorrow after markets close.

Later today, search engine giant Alphabet (GOOG) will announce its quarterly results while Square (SQ) is set to release its quarterly earnings on May 1.

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