Apple's price target was raised by Wedbush analyst Dan Ives, who said 'hurricane-like clouds' in China are slowly clearing for the company.
shares were trading up 1.2% near $202.50 a share Tuesday morning after receiving a price-target increase from one Wall Street analyst.
The early buying had Apple on track for its 10th straight day of gains, and on the verge of its longest winning streak since 2010, according to. Shares have gained more than 8.5% during the streak and are fighting for their highest close in five months. "While there is still 'wood to chop' ahead for Cook & Co, we are seeing more stable iPhone demand trends in the field after a turbulent few months with hurricane-like clouds slowly clearing in China for Apple," Wedbush analyst Dan Ives wrote in a note to clients out Tuesday morning.
"We maintain our OUTPERFORM rating and are raising our price target from $215 to $225 to reflect more stable demand trends in the field and a valuation starting to get more 'Street cred' for the linchpin services segment."
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