Apple gets a price target boost at Citi on Apple Watch optimism

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Citi Research analyst Jim Suva upped his price target on Apple Inc. shares to $125.00 from $112.25 in a Tuesday note to clients as he increased his projections for the company’s wearables business. He’s upbeat about Apple’s potential in wearables given “continued demand strength in consumer spending on technology gadgets, especially those that enable improved productivity (work from home) and improved ability to track one’s health/fitness.” Suva also expects that the company will be able to generate momentum with a new family-setup options that allows people to manage Apple Watch devices for their children or older relatives even if those family members don’t have their own iPhones. “Apple continues to make inroads into health care devices market which we view as a positive move for attracting and engaging their users to their products, given the importance of such features by individuals,” Suva continued. He maintained a buy rating on Apple’s stock, which is near flat in Tuesday’s session. Shares have added 20% over the past three months as the Dow Jones Industrial Average has risen about 4%.
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