Here's why 3 Wall Street analysts just boosted their Apple price targets

Apple CEO Tim CookAP Photo/Richard Drew

• A group of Wall Street analysts this week updated their price targets for Apple, citing increased iPhone demand, iPhone services, and store reopenings.
• Shares of Apple dipped slightly Wednesday.
• Here's why three Wall Street analysts boosted their price targets for Apple.
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A slew of Wall Street analysts boosted their Apple price targets this week, citing increased demand for iPhones, store reopenings, and services as reasons that the tech giant is poised to gain.

The first of the group was Jefferies, which on Wednesday raised its price target for Apple to $370 from $350. That implies a roughly 17% jump from where shares of Apple traded at Tuesday's close.

Shares of Apple fell slightly Wednesday, sliding nearly 1% in intraday trading before paring losses. The tech stock has outperformed the broader market this year — it's up roughly 8% through Tuesday's close, while the S&P 500 index is down more than 7% in the same timeframe.

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Wall Street as a whole is largely bullish on the Cupertino-based company led by CEO Tim Cook. Analysts have a consensus price target of $313 for Apple, and 29 rate the company "buy," 11 "hold," and five "sell," according to Bloomberg data.

Here's why three Wall Street analysts increased their price targets for Apple, ranked in order of lowest target to highest.