Credit Suisse raised Apple's target share price from $221 to $275, reiterating its neutral rating on Apple's stock, citing the latest Chinese iPhone sales data.
Credit Suisse said that China's iPhone shipments in December increased 18.7% year-on-year, "significantly better than the 13.7% decline in the entire smartphone market".
Credit Suisse said this "strong performance marks a significant improvement over October and November" and analyst Matthew Cabral was "inspired" by the news.
Yesterday, Jefferies raised Apple's price target from $285 to $350, and Apple is expected to perform strongly during the holiday shopping season.
Analysts' analysis of foot traffic in Apple stores in the United States and global web traffic "shows that Apple will achieve strong results in the calendar year 2019," Kyle McNealy wrote in a report to customers.
Jefferies wrote that the upcoming 5G cycle is "the biggest driver of our opinion", reiterating the buy rating.
Apple shares have risen nearly 80% from their June lows. Apple will report first-quarter results on January 28.
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