Apple just smashed through to fresh records.
The iPhone maker surged nearly 2% to begin the week after Raymond James analysts upped their price target to $280, the most bullish on the Street. The firm cited stronger estimates for iPhone 11 sales as reason for the increase.
Craig Johnson, chief market technician at Piper Jaffray, is ready to get even more bullish.
“The trend looks great,” Johnson said on CNBC’s “Trading Nation” on Monday. “The stock has just broken out to new all-time highs, and in fact when you look at the size of the consolidation it just broke out of and you do a measurement on it, you can certainly argue for a price objective that, purely based on the charts, [takes you] north of $300 so I’d still be a buyer of Apple in here.”
A move to $300 marks 25% upside from Monday’s close. It would also mark new highs for the stock.
Strategic Wealth Partners president Mark Tepper says there’s more to like about Apple than what Raymond James outlined in its bullish case.
“What the call doesn’t really mention are some of the things that interest us when it comes to Apple. For the first time in a long time, the iPhone now makes up less than 50% of Apple’s revenues. Why is that important? Because they’re in the process of becoming less reliant on just one product, they’re diversifying their business,” Tepper said during the same segment.
Tepper is especially optimistic about growth in Apple’s wearables and services sectors, two areas that focus on recurring revenue.
However, while he owns the stock, Tepper has trimmed his position recently to take profits on the back of its major surge higher. Apple is the best Dow performer this year after climbing 52%.
“Love the company. We’re going to continue to own the stock, but I do believe most of the easy money has already been made,” said Tepper.