Apple (NASDAQ:AAPL) was higher in midday trade on Wednesday after analysts at Canaccord Genuity raised the company’s target price to $260 from $240.
Analyst T. Michael Walkley said the rise was due to indicated sales strength of the iPhone 11.
"Based on our North American survey work, iPhone models maintained leading market share at all (four) major U.S. carriers, with share up strongly in September driven by the iPhone 11,” he said, according to Briefing.com.
As a result of the higher sales, “we believe the September quarter results could come in at the high end of guidance,” he added.
Apple (NASDAQ:AAPL) was up 1.1% to $226.78 after the upgrade.
