The iPhone maker’s stock surged after impressing investors with its fiscal fourth-quarter earnings. Apple topped Wall Street’s estimates for both revenue and profits as its wearable products and online services offset slowing iPhone sales.
The company is up about 8% since the October 30 report and posted a record-high close Wednesday.
Despite Apple’s strong momentum through 2019, BAML analysts said it still had room to grow. The tech giant is “on course for 82.6% gain” for the year, the team led by the firm’s chief investment strategist, Michael Hartnett, wrote. Apple shares are up about 66.5% year-to-date.
The analysts also highlighted a euro-denominated green bond Apple priced November 7. The company issued 2 billion euros worth of six- and 12-year bonds, with the shorter-period debt featuring a 0% coupon. Coupon rates describe the rate of interest a bond pays annually, while a bond’s yield is the rate of return it generates for a holder.
The debt offering’s proceeds will be used to develop energy-efficient products and cut carbon emissions in the company’s supply chain, Apple said in a statement.
The company traded at $263.87 at 9:05 a.m. ET Friday, up roughly 0.47% from Thursday’s close.
Apple has 27 “buy” ratings, 14 “hold” ratings, and seven “sell” ratings from analysts, with a consensus price target of $255.83, according to Bloomberg data.
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