Apple Inc. (NASDAQ: AAPL) was given new analyst coverage with a Buy rating this week and what felt like a ridiculous $777 price target. While we took a slight issue with that call, there is yet another upgrade taking place on Friday on Wall Street.
Evercore Partners has reiterated its Overweight rating on the stock, but the price target was raised to $600 from a prior target of $550. The move comes ahead of next week’s product release at its headquarters, which is expected to have more iPhone versions and perhaps other goodies.
Another call was seen Thursday, with Barclays reiterating its Overweight rating. Unfortunately for Apple upside stock fanboys, its price target is a mere $525. Other analyst calls have been made, but none have been extremely aggressive. Samsung’s new “one more thing” product launch this week was targeted to be ahead of Apple on the showcase and on the release dates.
Apple shares closed at $495.27 on Thursday and are indicated up around $499 in early Friday trading. If Evercore is correct, then Apple shares could have another 20% upside from current levels. Apple’s 52-week range is $385.10 to $705.07, and the consensus target price from Wall Street analysts was $533.59 before the impact of this call.