It was a successful, but busy, week for Apple as several analysts upgraded their price outlook on the Cupertino-based tech giant's stock.
On Friday morning, analysts at Goldman Sachs led by Bill Shope reiterated their "buy" rating on the stock but upped their price target.
"We are raising our 12-month target price to $720 from $635, " he wrote in a research note. Apple shares finished at $635 on Thursday at the close after adding 1.82 percent during the session. Meanwhile, Manhattan-based analyst Stuart Jeffrey at Nomura maintained his "neutral" rating but upgraded his target price to $621 from a rather lowly $574.
Its average target price now stands at $650, according to Reuters data, with 35 out of 54 analysts having either a "strong buy" or a "buy" rating on the stock.
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Apple announced Wednesday it is to acquire headphone maker Beats Electronics for $3 billion. The deal is expected to close in the fiscal fourth quarter. The brand - founded by rapper and producer Andre Young (aka Dr. Dre) and music mogul Jimmy Iovine - has also recently entered the streaming music business—placing it in head-to-head competition with much larger veteran rivals Pandora and Spotify.