iPhone 11, iPhone 11 Pro, iPhone 11 Pro Max
Todd Haselton | CNBC
J.P. Morgan raised its price target on Apple's stock Monday, expecting the company's shares to rise 21% as sales of the new iPhone line are "stronger than muted expectations."
"We modestly lift our iPhone volume forecasts and expect investor sentiment on AAPL shares to improve significantly given the company's ability to drive upward volume expectations despite the 201
JP Morgan raised its price target on Apple to $ 265 per share from $ 243 per share. The company has an overweight on the stock.
Apple shares rose 0.7% in premarket trading from their previous close of $ 218.82.
J.P. Morgan forecasts 1 million more iPhone sales than previously anticipated during the current quarter, plus 3 million more iPhone sales than expected in the last quarter of the calendar year.
"In addition to an increase in volume expectations for the product cycle in 2019, We also increase volume expectations in calendar 2020/2021 led by stronger adoption of 5G-enabled iPhones expected to be launched in September 2020 – all of which leads to stronger underlying revenue forecasts and will lead to high investor confidence in the sustainability of revenue growth even in the context of a mature smartphone market, "said Chatterjee.
JP Morgan expects Apple to sell 198 million 5G service iPhones in 2020 and 200 million in 2021.
– CNBC's Michael Bloom contributed to this report.