Here are the biggest calls on Wall Street on Friday:
Bank of America raised its price target on the company and pointed to ongoing strength in revenue growth.
"Current data points suggest continued revenue strength for Apple including continued double digit y/y App store revenue growth, and positive revenue trends suggested by inputs to our proprietary Apple indicator. In our view iPhone demand remains strong and in Oct and Nov Apple increased iPhone channel inventory by about 0.5mn units. We see F1Q20 as a strong quarter and maintain our estimates for F2Q. Longer-term Apple benefits from (1) 5G adoption, (2) strong wearables portfolio, and (3) continued y/y gross profit dollar growth which is favorable for stock price trend."
RBC Capital raised its price target on the stock and said it sees higher customer interest and satisfaction with current iPhones as well as increasing interest in Wearables.
"We raise our near-term estimates, as our social media webscraping analysis, through RBC Elements, indicates higher customer interest and satisfaction with the current-year iPhone lineup, as well as sustained and increasing interest in Wearables (AirPods). In addition, we believe better customer reception and our outlook for the FY21 (5G) lineup warrant a higher multiple, and we raise our price target accordingly."