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Apple target boosted to $444 at Canaccord on 5G potential

Canaccord Genuity analyst T. Michael Walkley raised his price target on Apple Inc. shares to $444 from $310, though the stock is down 1.4% in Thursday morning trading. “Apple is well-positioned to benefit from the long-term 5G investment cycle and we anticipate recovering earnings in 2H/C20 and C2021 as 5G smartphones ramp, the installed base of users grows, and ecosystem service and adjacent hardware sales benefit,” Walkley said in a late Wednesday note to clients. He wrote that iPhone sales likely improved as the June quarter went on, despite store closures. He’s also upbeat about the forthcoming iPhone 12 and upped his calendar 2021 iPhone unit sales estimates to 194 million from 181 million. Walkley has a buy rating on Apple’s stock, which has gained 35% over the past three months as the Dow Jones Industrial Average has increased 14%. 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.

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