Apple nears record highs as analysts boost stock targets into the MR launch

Apple (NASDAQ:) shares trade almost 1% higher in pre-market Monday as Wall Street analysts continue to hike target prices on the Cupertino-based tech behemoth.

The tech community and market participants widely expect that Apple will launch a mixed reality (MR) headset at the WWDC 2023 event that is due to start today.

Evercore ISI and Bank of America analysts are the latest to raise their target prices on Apple shares. The former reiterated a Top Pick designation on Apple stock and hiked the price target to $210 per share.

“AAPL remains positioned to sustain mid-single digit sales and double-digit EPS growth over next several years with less volatility & high consistency. We expect AAPL’s valuation to reach levels comparable to consumer staple assets vs. hardware peers,” analysts said in a client note.

Similarly, BofA analysts boosted the price target to $190 per share as MR apps “could command a premium.” Still, the analysts remain Neutral-rated, citing balanced risk-reward.

“We use a higher multiple to reflect an expansion in the market multiple and on improvement in the services growth trajectory with the potential for further acceleration from new product categories),” they said in a note.