Jefferies Raises Apple Price Target to $299.88

Jefferies analyst Edison Lee raised the price target on Apple (NASDAQ: AAPL) to $299.88 (from $294.91) while maintaining a Hold rating.

“We est. AAPL’s rev guidance is 5% above cons and better than our 10% growth forecast.

Assuming it will not raise the prices of iPhone 17 before launching 18, we believe demand will remain strong in the Jun Q.

But even so we see demand’s peak as already behind us, as most consumers who wanted to avoid price hikes have likely bought already.

For example, sell through data in China shows even iPhone vol has turned negative growth in recent weeks.

Mgt indicated cont’d chip shortage, but mainly impacting the Mac rather than iPhone (likely due to M series’ bigger die size).

Mgt also repeated their prior quarter’s comment that higher memory prices already started impacting the company’s margin, and the impact will be bigger over time.

However, mtg said they have options (without details) if prices continue to rise sharply.

The most likely are 1) raise prices (including iPhone 17), and 2) use Chinese memory (ie, YMTC and CXMT) at least for those products that are sold in China.”

This research note is reproduced verbatim from the issuing firm. Price Target never edits, paraphrases or alters analysts’ words — we only republish them in one place.