Shares of Apple Inc. AAPL, +0.43% rose 0.4% in premarket trading Friday, after analyst Daniel Ives at Wedbush raised his price target, citing expectations of strong growth in iPhone sales. Ives reiterated his outperform rating but raised his stock price target to $325, which is now the highest of the 43 analysts surveyed by FactSet, from $300. He wrote in a note to clients that he believes Apple is "still in the midst of a renaissance of iPhone growth heading into 2020 that will further catalyze the stock higher as it gets re-rated from the Street." Separately, J.P. Morgan's Samik Chatterjee at J.P. Morgan raised his price target to $290 from $280, citing optimism over the technology giant's opportunities in advertising. "While investors are trying to identify the next big frontier for services, we believe hidden in plain sight and underappreciated by most is the advertising opportunity within Apple's fingertips, given the secular migration of advertising dollars to mobile platforms, the large installed base of close to [1 billion] iPhone users, and importantly, Apple's successful exploration of advertising to-date," Chatterjee wrote in a research note. Apple's stock has soared 66.5% year to date through Thursday, while the Dow Jones Industrial Average DJIA, +0.38% has gained 19.1%.