Apple Inc. rose slightly on Thursday, suggesting the end of a year that has already seen solid gains on a continuous positive note as analysts point to strong demand for the iPhone.
JPMorgan, referring to the “availability tracker”, said that the aggregate delivery times for the iPhone 12 Pro were “quite robust and over 20 days, which implies a continuous and robust demand” after the holiday period. The general periods of the iPhone 12 series were “moderately significant”, added the analyst Samik Chatterjee, who evaluates Apple with overweight with a price of 150 USD.
Optimism over iPhone demand has contributed to Apple’s recent earnings, which hit an intraday record earlier this week. The stock has added more than 20% since early November, surpassing gains in the Nasdaq-100 index, which is heavily weighted against technology megacaps. The rally brings Apple’s lead for this year to about 82% and puts it on track for a second consecutive annual gain of over 80%.
The stock rose up 0.8% to $ 134.74.
Also Thursday, Wedbush analyst Daniel Ives wrote that he saw signs of bullish momentum for the iPhone. Wedbush has a higher performance rating and a target of $ 160, which matches the highest on the street.
Asian supply chain audits “have now even surpassed our ‘bull case scenario’ for fiscal year 21 units, given the current trajectory, a major positive for stocks in the coming months.” He added that Apple probably saw strong demand for AirPods over the holidays, “Another product heading for the tailwind in 2021.”
This story was published from an agency stream with no text changes.