“Apple shares are surging as Wall Street is growing more bullish on the smartphone maker’s iPhone X launch,” Tae Kim reports for CNBC. “The company reported better-than-expected September quarter earnings results and gave a December quarter sales guidance range above Wall Street expectations at the midpoint Thursday evening.”
“Apple shares are trading up 4 percent in Friday’s premarket session as notes poured in from Wall Street that were positive on last quarter’s earnings and even more optimistic about the iPhone X,” Kim reports. “If it opens at this level, the stock will trade at an all-time high.”
“Morgan Stanley is confident the new higher priced model will spur current iPhone users to upgrade,” Kim reports. “‘We see iPhone X unlocking pent-up iPhone upgrades, especially in China,’ analyst Katy Huberty wrote Friday. ‘Near-term, we see pent-up demand heading into a significant form factor change that is likely to accelerate iPhone unit growth.’ Huberty reaffirmed her overweight rating and raised her price target to $200 from $199 for Apple shares.”
Read more in the full article here.
MacDailyNews Take: Apple. Charting heretofore unseen territory. As usual.
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