Citi analyst Jim Suva is bullish on Apple and shared with CNBC today that he thinks the company’s wearables category, particularly Apple Watch and AirPods will offer a nice surprise to investors when Apple reports on its holiday quarter.
Suva’s AAPL price target is currently at $300 and he expects the stock to move toward it as 2020 begins. He highlighted that wait times for Apple’s hot products like AirPods Pro are because the company can’t keep up with the strong demand, not production problems.
He also called out Apple Watch Series 3 as a very popular product, something we predicted back in November as prices dropped to as low as $129 over the holidays.
“It’s not due to manufacturing issues,” he added. “It’s actually due to strong demand where the company can’t keep up.”
Apple stock has had an amazing year of growth in 2019, up 80% which makes it the strongest performance seen since 2009. CNBC expects Apple to report its holiday quarter earnings in early February.
