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Yahoo BusinessJan 17, 2020
Apple Optimism Grows as Morgan Stanley Is Latest to Raise Target
(Bloomberg) -- Apple Inc.'s price target was raised 24% at Morgan Stanley to a level below only one other Wall Street bank, the latest sign of ever-increasing confidence in the iPhone-maker.Morgan Stanley analyst Katy L. Huberty boosted her objective for the stock to $368 from $296, the second-highest among analysts followed by Bloomberg and implying upside of 17% for Apple shares from Thursday's near-record close.Apple shares rocketed 86% in 2019 and have extended those gains in 2020 after brokers including Credit Suisse and Argus Research raised their price targets. Optimism is increasing around the tech giant's performance over the holiday season ahead of first-quarter results due on Jan. 28.According to Huberty, who has an outperform recommendation on the stock, Apple should benefit from a potential reduction in the amount of time customers are taking to replace their smartphones. Features such as longer battery life and 5G technology will enable new functionality such as Augmented Reality, which along with "aggressive" iPhone trade-in offers imply that replacement cycles can't increase much further, she wrote in a note.But even as analysts have become more optimistic, with DA Davidson recently increasing its price target to a Street-high of $375, the average price target among analysts tracked by Bloomberg sees Apple declining 6.5% over the next 12 months from Thursday's close of $315.24.For IT hardware companies in general, Morgan Stanley sees challenges ahead in 2020 as a recovery in dem

Reuters BusinessJan 17, 2020
Strong data, earnings drive Wall Street to new highs
U.S. stock indexes edged higher to hit fresh record highs on Friday on optimism over corporate earnings, economic data and indications of resilience in a Chinese economy battered by a prolonged trade war with the United States.

MarketWatch MarketPulseJan 17, 2020
UPDATE: Durect stock slides after FDA committee ends meeting with split vote on post-surgical pain treatment
Biopharmaceutical company Durect Corp.'s shares slid 12% in premarket trade Friday, after a U.S. Food and Drug Administration committee ended a meeting to review the company's Posimir treatment for post-surgical pain with a split vote, as six members voted to recommend the treatment and six voted against. The stock was halted all day Thursday, ahead of the meeting. "We are encouraged by the support from a number of the Committee members," Chief Executive James Brown said in a statement. "We continue to believe the data meets all of the regulatory requirements and that the weight of the evidence supports approval. We look forward to working with the agency as it completes its review of the POSIMIR application." The FDA is not obliged to take the recommendation of the committee, called the Anesthetic and Analgesic Drug Products Advisory Committee, although it often does. Durect shares have gained 322% in the last 12 months, while the S&P 500 has gained 26%.

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