Black Friday Brings Optimism for AAPL
On Monday, Wall Street suffered one of its worst trading days in the past month. But the impact on shares of Apple was minimal, as the anticipated strong showing at Apple Stores over the long holiday weekend proved adequate to shield the stock from a big sell-off today.
Although Apple hasn't reported any sales data from Black Friday, market watchers think Apple held its own and likely put up some strong numbers across its sprawling retail empire. That's not bad considering that some analysts had previously bashed Apple for its decision to stay closed on Thanksgiving Day, an occasion that has quickly become a retail event in its own right.
This morning, a number of financial titans, including Deutsche Bank and Global Equities Research, reflected positively on Apple's Black Friday success and lifted their respective target prices for AAPL as a result. Deutsche Bank's Chris Whitmore, for example, raised his price target to $625 from $575.
"We have become significantly more confident in our near-term estimates for Apple," Whitmore observed.
Even more optimistic, however, is Trip Chowdhry of Global Equities Research. He raised his price target for AAPL to $800 after visiting various Apple Stores and Target locations. While there, he talked to "no less than 300 people." And, as it turns out, the nature of the conversations and tangible consumer enthusiasm jolted the analyst's expectations for AAPL in the coming weeks.