Apple (AAPL) shares rose Wednesday as Needham analysts raised their price target for the stock, contrasting the company’s share buyback program with competitors’ increased spending and highlighting the iPhone maker’s potential to gain from selling ads on Apple TV+, the App Store, and more.
Needham analysts lifted their price target for the stock to $260 from $220. Shares of Apple finished close to 2% higher at $232.98 Wednesday, contributing to the stock’s gain of about 21% since the start of the year.
In raising their price target for Apple stock, Needham analysts cited how the iPhone maker is adding value for investors through its $110 billion share buyback program, which set a record as the largest stock buyback program in recent history, beating the previous record also held by Apple.
They noted the buyback comes as many other tech giants are increasing capital expenditures to invest in artificial intelligence (AI), raising …