Apple +3.1% as Drexel bulls up; suppliers reportedly starting early
May 8, 2017 2:00 PM ET|About: Apple Inc. (AAPL)|By: Jason Aycock, SA News Editor
Apple (NASDAQ:AAPL) is up 3.1% to an all-time high after getting a heavy price target from Drexel Hamilton, and amid news that some iPhone suppliers are ramping up earlier than expected.
Drexel's Brian White has boosted the firm's price target for Apple to $202, highest among analysts, from $185, pointing to improving sentiment on the stock, "among the most underappreciated" in the world. Investors are likely to look past summer numbers toward the iPhone 8 and more news about capital distribution.
The $202 target implies 31.6% upside from today's higher price.
Meanwhile, a Chinese report pointed to by Bloomberg says some circuit board makers will begin work for the iPhone 8 in June, a month earlier than expected. Kinsus Interconnect and Zhen Ding are getting started early, according to Taipei's Economic Daily News; Taiwan Semiconductor Manufacturing is starting volume production of A11 chips for the next iPhone in late July, on track for a September unveiling and October on-sale.