Loop Capital hikes Apple price target to $256

From a note snagged Monday by The Fly:

Loop Capital analyst Ananda Baruah raised his price target on Apple to $256 and kept his Buy rating, also raising his FY18 EPS view to $12.60 from $12.31 and FY19 to $14.49 from $13.82. The analyst cites the run-up in the stock-price ahead of this week’s product event, but also expects the company’s iPhone 9 / X mix to be “materially more favorable” than expected. Baruah further believes that the Street is “underestimating” the demand for the LCD model of the iPhone 9 / X, adding that Apple’s “ability to continue repurchasing material amounts of stock” is also supportive of its price.

Maintains Buy, raises price target to $256 from $220.

My take: Only one more trading day buy the rumor.

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