In a note to clients — as noted by Business Insider — JPMorgan says that Apple’s upcoming iPhone 13 launch should help boost shares by 21%, according to JPMorgan.
The bank raised its price target on Apple to $170 from $165 and reiterated its Overweight rating.
“We expect the outperformance beyond the September launch to be supported by iPhone 13 volumes outperforming relatively low investor expectations,” JPMorgan said.
“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.
Other notes of interest about the upcoming iPhone line-up:
° LG Display is considering buying new equipment to produce LTPO displays, per The Elec. This could allow the company to supply Apple with ProMotion-supportive screens for future iPhones.
° The Elec also says that Apple may offer its ProMotion display technology (which allows for a higher 120Hz refresh rate) across all models of the 2022 iPhone lineup after it’s expected to debut the technology in the iPhone for the first time later this year.
° DigiTimes says Apple supplier Pegatron will remain a major assembler of smaller iPhones. The report says it will share orders for the “iPhone 13 mini” with Foxconn.