This post was originally published on this site
Investing.com — Apple Inc (NASDAQ:AAPL) shares rose almost 3% Monday, erasing Friday’s decline.
Last week, Apple weakened on a report from Bloomberg that demand for the iPhone 13 line-up is slowing, with the article referencing people familiar with 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. According to the analyst, despite mixed trends and recent reports, demand remains “healthy and robust.” As a result, Chatterjee is forecasting demand above investor expectations.
In addition, KeyBanc analyst Brandon Nispel initiated coverage of Apple with an overweight rating and a $191 price target. Nispel outlined three main reasons for the rating, which included iPhone unit sales not yet peaking, the company not being overly reliant on the iPhone, and his expectation that services will grow at rates many times faster than user growth.
“We estimate AAPL will have 1.09B active installed iPhones, +7% y/y, and 1.8B active installed devices, +8% y/y, at the end of F1Q22. To us, it’s all about AAPL’s user base, which is among the largest in the world,” Nispel told investors.
