Goldman admits they were wrong on Apple, boosts stock outlook by 20%

Tim Cook, chief executive officer of Apple, Inc.

Daniel Acker | Bloomberg | Getty Images

Tim Cook, chief executive officer of Apple, Inc.

Goldman Sachs raised its price target on Apple stock all the way to $240 per share from $200 per share on Thursday, admitting they got the stock completely wrong this summer as it rallied to a $1 trillion valuation.

Apple rose 0.7 percent in trading to $224.65 a share on Friday, about 7 percent away from the new Goldman target.

Goldman estimates Apple will price the iPhone 9 at $849, rather than the $699 some have speculated. The firm sees “some flexibility down to $800” for the iPhone 9 offering but doubts Apple will “go for lower price points” after iPhone X demand was more than expected the last few months.

“Apple is once again proving itself tough to bet against,” Hall added.

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