Apple has a new biggest bull on Wall Street as 5G iPhone launch approaches

Apple CEO, Tim Cook openS the door of the newly renovated Apple Store at Fifth Avenue on September 20, 2019 in New York City.
Kena Betancur | AFP | Getty Images

D.A. Davidson hiked its price target for Apple on Monday morning to the highest level on Wall Street, saying 5G technology gives the company opportunities to reignite iPhone growth.

The emergence of 5G should allow the consumer tech giant to grow its iPhone sales in each of its next two launch cycles, starting this fall, analyst Tom Forte said in a note to investors. D.A. Davidson now has a price target of $375 per share for the stock, up from $300 per share previously.

"There is enough complexity and hype when it comes to 5G (the next-generation wireless network) that we believe Apple can exploit this multi-year opportunity," Forte said.

The new target price represents a roughly 21% upside from where shares closed on Friday and is the highest target among analysts listed on FactSet. The stock was up about 0.6% as the market opened and closed up 2.1% for the day.