HSBC analyst Nicolas Cote-Colisson upgraded Apple to Hold from Reduce with a price target of $295, up from $225. The stock closed Wednesday up $8.85 to $352.84. The analyst expects a successful launch of a 5G iPhone in the third quarter of 2020. Apple is likely to launch four iPhone models in the second half of 2020, with two higher-end models ramping in early Q3 and then the remaining two late in the quarter, Cote-Colisson tells investors in a research note. Further, Apple cam sell more services to its customers, which can help offset lower equipment sales in 2020 through 2023 amid higher unemployment and pressure on incomes, says the analyst.
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