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Barclays raises Apple's price target, says the lower pricing for iPhone is working

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New iPhones on display in the Apple Marunouchi store in late 2019 in Tokyo, Japan. The most-bullish Apple stock price on Wall Street is predicated on an upcoming upgrade "supercycle" that will involve up to 350 million phones.
Tomohiro Ohsumi/Getty Images

Apple's decision to make a cheaper iPhone is paying off, according to Barclays.

Despite Apple's shift from a hardware company to a services business model, Apple's historically trusty revenue stream from iPhone sales is surprising to the upside.

The firm raised its price target on the stock to $224 per share from $207 per share. Barclays has an equal weight rating on Apple. This is below Apple's closing price on Wednesday of $234.37.

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