J.P. Morgan its boosting its Apple price target to a Street high $210, up from $180, as the research firm calls AAPL its top pick into next year.
JPMorgan analyst Samik Chatterjee notes that shares have recently reversed the underperformance seen in the first half of the year as “expectations around the iPhone 13 demand cycle have improved.”
He sees most of the revenue and earnings upside from the iPhone 13 as still to come, causing investors, in his view, “to be willing to again attribute a peak multiple on consensus earnings expectations,” just as they did heading into the iPhone 12 cycle.
The previous high price target on Apple (AAPL) was $200, which came from Morgan Stanley earlier this month, citing strength in the App Store and iPhone…
Chatterjee also believes there are more upgrades to Apple (AAPL) iPhone shipments to come, as the company is likely to launch an iPhone SE with 5G capability in early 2022.
MacDailyNews Take: $210 is nice, but still far less than a share of AAPL should be worth!
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