Argus raises Apple price target to Street-high $250

Philip Elmer-DeWitt

From a note to clients snagged by The Fly:

Argus analyst Jim Kelleher raised his price target on Apple to $250 and kept his Buy rating after its Q2 earnings beat and higher than expected outlook for Q3. The analyst cites Apple’s high Services revenue in the quarter and the surge in its contribution from Wearables & Home segment, which was the only unit to grow sequentially from peak Q1. Kelleher is also positive on the management’s capital return program after Apple’s expanded buyback and increased dividend announcements.

Maintains Overweight rating, raises price target to $250 from $225. 

My take: By my count, Jim Kelleher is the 15th Apple analyst to raise his price target this week.

Below: Wednesday’s chart, updated.

argus price target 250