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Apple’s price target rose to $250, while Akamai’s price rose to $128

Posted on by darion

TD Cowen raised its price target on Apple shares from $220 to $250 ahead of the company’s financial results later this week.

Conclusions:

  • TD Cowen raised its price target on Apple (AAPL) stock to $250. Apple stock is up 13% since 2024.
  • Highlighting its leadership in CDN and its potential in security and cloud solutions, Guggenheim raised its buy rating on Akamai Technologies (AKAM) with a price target of $128.
  • Before the report was released, Bank of America had named Apple, Microsoft, Micron Technology, Shopify, and Sea Limited as excellent investments; the latter’s shares are up 61% this year.

Apple’s target price has been raised

The new target represents nearly 15% upside from Friday’s close. The company reaffirmed its buy rating Apple sharespointing to artificial intelligence as an important factor in the company’s development.

“We expect AAPL to report consistent results and outlook as headwinds in NT could include modest loss of market share in China to Huawei devices, macro impact on consumer demand and FX,” analyst Krish Sankar said.

Sankar also stressed that iPhone sales They are expected to remain strong over the long term, with annual demand for handset replacements coming in at about 220 million units. He noted that Apple’s upcoming AI package could be a key catalyst to support iPhone replacement demand. Apple shares are up more than 13% in 2024, and the company will report fiscal third-quarter results on Thursday after the close.

Akamai Technologies Update

Guggenheim raised Akamai Technologies from Neutral to Buy, setting a price target of $128 per share, implying a 32% increase from Friday’s close. Analyst John DiFucci commented: “We believe the company can leverage its leadership position (in content delivery networks) to deliver security and cloud solutions that will not only provide additional value in their own right, but will also enhance AKAM’s leading CDN business.”

DiFucci added that CDN technology is at the core of both security and cloud computing, which should improve features like gross retention and price stability. Akamai shares have lost more than 18% this year but were up 2% in premarket trading on Monday.

Bank of America’s Tech Stock Picks

Bank of America has identified several tech stocks as strong buys ahead of their quarterly results this week. The investment bank has identified Apple, Microsoft, Micron Technology, Shopify and Sea Limited as having significant room to grow. Analyst Wamsi Mohan raised his price target on Apple to $256 from $230, citing a “refreshed iPhone cycle” and strong brand loyalty. Mohan noted that “14% of U.S. respondents reported that they plan to buy the Apple Vision Pro.” Apple shares have risen 13.2% this year.

Analyst Brad Sills also raised Shopify from neutral to buy, citing a “more balanced growth and margin profile” and the company’s transformation under a new CFO. Sills said, “Revenue growth and expense discipline point to healthy margin expansion going forward.” Shopify’s U.S. shares have fallen 23% this year.

Sea Limited, a Singapore-based internet technology company, has seen its shares rise 61% this year. Analyst Sachin Salgaonkar urged investors to remain calm as trends show improvement in the company’s gaming and Shopee businesses. Salgaonkar wrote: “In our view, it is well-positioned to capitalize on the e-com boom in Southeast Asia given its increasingly dominant online market (Shopee), while its expansion into Brazil offers further long-term growth potential.” Sea is expected to report quarterly earnings in August.