Apple's impressive rally in 2019 will continue this year thanks to iPhone dominance and the new 5G cycle, according to Canaccord Genuity Capital Markets.
The firm raised its price target on Apple to $355 per share from $275 per share, implying 12% upside from Tuesday's closing price of $312.68 per share.
"We believe the potential launch of a low-cost iPhone combined with a 5G upgrade cycle will drive further demand through 2021," Canaccord Genuity analyst T. Michael Walkley in a note to clients on Tuesday.
Apple's stock had a huge year in 2019, gaining nearly 90% in the 12 months period. The Tim Cook-led company released three in September: the iPhone 11, iPhone 11 Pro and iPhone 11 Pro Max. Walkley was encouraged that Apple priced the iPhone 11 at $699, $50 cheaper than last year's iPhone XR and said this is leading to record services revenue.