Apple Results Spark Rally But Wall Street Remains Cautious
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Signs of a recovery in demand for Apple Inc.’s iPhone reassured investors and sparked positive commentary on Wall Street, even as many analysts remain reluctant to get significantly more bullish on the stock after a 33 percent run-up this year.
The tech giant’s fiscal second-quarter results and third-quarter forecast will “help fuel the bull case,” according to analysts at Jefferies. The bank was one of several that raised its price target on Apple shares after the results. The average analyst target among 36 firms tracked by Bloomberg is now $213, up from $206 on Tuesday, but that implies just 1 percent upside from the current price.