Fed dot plot indicates one rate hike in 2021

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Apple stock price target raised by BofA Merrill on high hopes for 5G

Apple Inc. is expected to enjoy a smoother iPhone cycle than usual from 2020 to 2022 as 5G is expected to drive three years of 200 million-plus units, BofA Merrill Lynch said Wednesday. Analysts led by Wamsi Mohan raised their stock price target to $290 from $270, and said they expect lower-cost wearables to further support sales, citing as examples $169 AirPods and a $200 Apple Watch. “Multi-year iPhone visibility and stability, combined with continued double-digit Services revenue growth, should drive the multiple higher, in our opinion,” the analysts wrote in a note, reiterating their buy rating on the stock. Earlier, Evercore analysts raised their Apple stock price target to $305 from $275. Shares were up 0.6% and have gained 71% in 2019, while the S&P 500 has gained 25% and the Dow Jones Industrial Average has gained 20%.

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