Apple’s stock is currently trading for around $141 with Credit Suisse previously projecting a target price of $160. Now the firm is increasing its target price for AAPL up to $170 according to MarketWatch.
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The report adds that Credit Suisse is one of the most positive on AAPL performance with an analyst at the firm assigning an outperform rating for the company. Credit Suisse’s target price is notably higher than the industry average which the report says is around $150.96 (lower than Credit Suisse’s prior target).
The new target rating comes as we’re starting to see more details about what to expect from the flagship iPhone 8 and updated iPhone 7s and iPhone 7s Plus models later this year. Samsung is launching its new Galaxy S8 smartphone this month which is already a major iPhone competitor, but at least one analyst believes anticipation for the iPhone 8 will hurt Samsung sales.
While the iPhone 8 is already garnering a lot of attention from consumers, Credit Suisse analyst Kulbinder Garcha attributes the higher target price to Apple’s growing services business (and he’s not alone).
Earlier this year, Apple publicly stated that it plans to double its services business over the next four years.