Tigress Financial Partners reiterated its Strong Buy rating on Apple (NASDAQ:AAPL) and increased its 12-month target price on the stock to $225 from $210 in a note to clients Friday.
Apple shares are down around 0.7% at the time of writing, trading near the $185.80 mark.
Tigress analysts explained that the price target for the tech giant has been raised as growth reaccelerates over the near term, driven by gains in emerging markets and Asia.
In addition, analysts noted the launch of its new Vision Pro spatial computer "kicks off a major expansion of the Apple ecosystem," while they believe "growing Services revenue will continue to drive a long-term acceleration in Business Performance trends and greater shareholder value creation."
"AAPL continues to enhance shareholder returns through ongoing dividend increases, having just announced a 4% dividend increase and additional $90 billion share repurchase authorization. We believe a significant upside in the shares exists, and our 12-month target price of $225 represents a potential return of over 20% from current levels," said analysts.