‘Nervous’ Deutsche Bank raises Apple price target to $400 from $380

Deutsche Bank analyst Jeriel Ong raised the firm’s price target on Apple to $400 from $380 and keeps a Buy rating on the shares. The stock closed Tuesday down $1.16 to $372.69. “It seems that AAPL is reaching all-time highs every week, and that has us nervous,” Ong tells investors in a research note. Shares of Apple now stand 15% higher than their pre-COVID peak of $325 and 66% higher than their COVID lows of $225, says the analyst. Ong believes that with such volatility in the largest company in the world, Apple’s “quick rise has some investors a bit anxious.” However, the analyst feels comfortable that Apple should continue to offer upside for investors. Ong raised earnings and revenue estimates 2%/3% and 3%/5% for 2020 and 2021, respectively.