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Apple’s price target raised at Deutsche Bank, but it implies a 9% decline

Apple Inc.’s stock price target was raised to $290 from $280 at Deutsche Bank, but that new target is still 8.9% below Friday’s closing price of $318.31, as analyst Jeriel Ong reiterated his hold rating. Ong said he raised his price target because he expects iPhone unit demand to be better than Wall Street currently expects. “However, the significant intra-quarter stock price move…is unlikely to be matched commensurately by the improved fundamentals, and we expect [Apple] to normalize at a higher valuation,” Ong wrote in a note to clients. “In our view, such a setup bodes poorly for investors who consider what to do with their [Apple] holdings from present levels.” He said the recent sharp run up in the stock creates a setup where risks remain balanced with the potential reward. Apple shares have run up 29.1% over the past three months through Friday, while the Dow Jones Industrial Average has gained 7.5%. Apple’s stock fell 2.0% in premarket trading, amida sharp selloff in the broader market, with Dow futures down set to open down over 400 points.

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