Apple's stock gains after Instinet boosts price target
Shares of Apple Inc. tacked on 0.2% in morning trade Wednesday, after Instinet raised its price target ahead of the technology giant's iPhone launch event next week. Analyst Jeffrey Kvaal raised his target to $185, which was 14% above current levels, from $175, while reiterating his buy rating. "Apple is entering the long awaited iPhone supercycle on its front foot, in our view," Kvaal wrote in a note to clients. "We look forward to Apple's launch even on September 12th." Apple is expected to unveil new 10th-anniversary iPhones with new features including edge-to-edge OLED display and facial recognition. Apple's stock has rallied 5.1% over the past three months, while the SPDR Technology Select Sector ETF has gained 2.3% and the Dow Jones Industrial Average has climbed 3.3%. Apple's stock is now 1.0% below its Sept. 1 record close of $164.05.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.