Early interest in the 5G iPhone is creating a "perfect storm" for Apple in 2020, Piper Jaffray said in a note on Friday.
The financial firm polled U.S. iPhone users and found strong interest in upgrading to a 5G iPhone, even if it costs $1200. PiperĀ kept its overweight rating on the stock and raised its price target to $305 per share from $290, representing an 8.9% upside from where the stock closed on Thursday.
Piper used just a 1% growth projection for iPhone sales in 2021 to create its price target, but said the 5G iPhone could be a major upgrade that causes that projection to be too low.