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Apple Gains As JPMorgan Calls iPhone 13 Demand ‘Healthy’ -Breaking

by Mike Robinson

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© Reuters

Sam Boughedda

Investing.com — Apple Inc (NASDAQ:) shares rose almost 3% Monday, erasing Friday’s decline.

Apple fell on Bloomberg’s report last week that said demand for iPhone 13 was slowing. Bloomberg also cited people with knowledge of the matter.

However, today, analysts at JPMorgan and KeyBanc gave positive commentary on the stock. 

JPMorgan’s Samik Chatterjee said that his iPhone 13 series tracker has shown lead times on all of the models have expanded. The analyst stated that demand continues to be strong, in spite of mixed trends. Chatterjee therefore forecasts higher demand than investor expectations.

KeyBanc analyst Brandon Nispel started coverage on Apple, giving it an overweight rating with a $191 price target. Nispel identified three major reasons that Apple was given an overweight rating. These included iPhone sales not reaching a peak and the company’s inability to rely too heavily on the iPhone. He also stated his belief that service growth will be much more rapid than the user growth. 

We estimate that AAPL will be home to 1.09B iPhones with active installations, +7% y/y and 1.8B devices with active installs, +8% y/y at the close of F1Q22. Nispel stated that investors are primarily concerned with AAPL’s large user base. 

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