Wall Street Buzz: Analyst Upgrades for Apple and DoorDash
On Friday, analysts were actively discussing Apple and a notable food delivery stock, with new price targets causing a stir. This latest analysis includes insights from Raymond James and Redburn Atlantic.
Raymond James Boosts Apple Target
Raymond James has become more bullish on Apple, raising its price target from $200 to $250, signaling a potential 15% increase from Thursday’s close. Analyst Srini Pajjuri maintains an "outperform" rating, describing Apple as a "more stable AI play for volatile times" ahead of its earnings report next week. With anticipated multi-year iPhone upgrade cycles fueled by new AI features, supply chain data suggests significant internal changes for future iPhone models. Despite a 3% dip in the past week linked to a broader tech sell-off, Apple shares are up almost 13% year-to-date.
Redburn Atlantic Initiates DoorDash with a Buy
In the food delivery sector, Redburn Atlantic’s analyst James Cordwell initiated coverage of DoorDash with a buy rating and a $170 price target, implying a 68% upside from Thursday’s close. Cordwell noted DoorDash’s standout position, being the only buy-rated stock out of the four food delivery companies he covers. Despite first-quarter adjusted EBITDA aligning with consensus, gross order value exceeded expectations. Cordwell believes that DoorDash’s strategy will ultimately prove rewarding, even though the stock initially faced scrutiny. Shares have risen 1.9% in 2024.
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— Hakyung Kim and Fred Imbert
Original Story https://www.cnbc.com/2024/07/26/analyst-calls-all-the-market-moving-wall-street-chatter-from-friday.html
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