Analysts raise Apple stock price target ahead of earnings

Apple will release its fiscal third quarter earnings on Tuesday afternoon and analysts have boosted the stock price target in anticipation of a solid quarterly report. The iPhone maker’s shares hit a record high of $373.80 at the close of the day on Monday. BGC analyst Collin Gillis has boosted the price target of Apple’s stock from $390 to $430. “We are more positive on the outlook for share acceleration in the second half as it is reasonable to expect multiple hardware refreshes combined with the back-to-school and holiday shopping quarter,” Gillis told Reuters. A group of analysts recently predicted that Apple will report that it sold between 15 and 20 million iPhones during the quarter, with the average estimate falling at 16.9 million iPhones sold. Apple is expected to “report earnings of $5.84 per share on revenue of $24.9 billion,” Reuters said, citing Thomson Reuters I/B/E/S.

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