Apple shares have rallied to fresh new highs, boosting the company’s market value to nearly $2.5 trillion, as a slew of bullish notes from Wall Street analysts arrive ahead of the company’s June-quarter financial results, due on July 27th – along with growing expectations for the fall launch of new iPhones.
J.P. Morgan analyst Samik Chatterjee on Wednesday repeated his Overweight rating on Apple stock (ticker: AAPL), lifting his price target to $175 from $170 and adding it to the firm’s “analyst focus list.” Chatterjee says that he’s seeing both upside revisions to iPhone 12 build estimates and continued strength in Mac sales—and he thinks the Street’s expectations for the coming iPhone 13 cycle remain too low.
The analyst writes that he sees “a path to Apple outperforming investor expectations over a longer time horizon rather than just the upcoming earnings print.”
MacDailyNews Take: In a sign that of Apple’s confidence in strong demand for its second generation of 5G capable phones, Bloomberg News today is reporting that Apple has asked suppliers to build as many as 90 million iPhone 13 units, up from previous initial orders for new generations of iPhones of around 75 million units. Almost as much as cash itself, Wall Street loves any mention of iPhone unit increases.
As the Reddit crowd might say, to the moon 🚀🚀