In a note to clients, JPMorgan Chase says that Apple’s upcoming “iPhone 13” launch should fuel a 21% surge in Apple’s stock price.
Apple is primed to reverse its year-to-date underperformance relative to the S&P 500 in the second half of the year as the company prepares to launch its upcoming iPhone 13 in September, JPMorgan said in a note on Tuesday.
“The upside pressure on volumes for the iPhone 12 series, historical outperformance in the July-September time period heading into launch event, and further catalysts in relation to outperformance for iPhone 13 volumes relative to lowered investor expectations implies a very attractive set up for the shares in the second half of the year and thus expect AAPL shares to outperform the broader market materially in 2H21,” JPMorgan said…
“Net net, following a period of limited interest and underperformance in the shares, we believe the tide is set to turn [for Apple’s stock price],” JPMorgan concluded.
MacDailyNews Note: The investment bank raised its price target on Apple to $170 from $165 and reiterated its Overweight rating.