Raymond James raises Apple outlook, sees shares rallying nearly 20%

Key Points
  • Raymond James raises its price target on Apple to $280 from $250 per share.
  • The firm also raises its iPhone sales estimates for 2020 and 2021, saying a shift toward higher prices in the newer iPhones will also boost earnings.
  • Raymond James says 5G remains Apple's biggest opportunity.
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Raymond James is betting that bigger iPhone sales will help boost Apple's earnings and stock.

The firm raised its price target on the stock to $280 from $250 per share. Apple closed at $236.41 per share on Friday so the new target represents an 18% rally.