REUTERS: Shares of Apple Inc rose 4.2per cent on Wednesday, after the company calmed Wall Street nerves with an improvement in sales in China and as several brokerages predicted a boost from its services business and the launch of new iPhones in the second half of 2019.
"We were especially pleased with the double-digit increase in Services driven by strong growth from the App Store in China," Chief Executive Tim Cook told a conference call after the results. At least seven of the 43 brokerages who rate Apple shares raised their price targets for the stock, with Citigroup raising its price target by US$45 to US$250. The median of current recommendations is US$217.In mainland China, Cook said the overall number of Apple device users had grown in the fiscal third quarter, driving a more a rise in services sales by the company in the world's second largest economy.
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