China Renaissance upgrades Apple to Buy, sets Street-high $425 target
What happened
China Renaissance upgraded Apple to Buy from Hold on Wednesday, Nov 11, and raised its price target to $425 from $280 — a Street-high target implying about 22% upside from the Nov 10 close of $348.51. The upgrade reverses the firm's Aug 4 downgrade, which had been driven by sluggish Services growth and margin pressure from memory costs. The call lands after Apple reported a fiscal Q4 revenue record of $114.5 billion, up 12% year over year, with Services revenue at an all-time high. The $425 target sits far above the Street consensus average of about $347, which implies roughly no upside from current levels. Apple shares rose about 1.4% in Wednesday morning trading, to around $353.
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Start your free 14-day trialWho’s affected
- Apple (AAPL) — direct; upgraded to Buy with a Street-high $425 target implying about 22% upside from the Nov 10 close of $348.51
- Consumer electronics / memory supply chain — the reversal of the August downgrade implies the memory-cost margin worry that drove it has eased