Apple (AAPL) iPhone Estimates Increase at JPMorgan, PT Increases to $265

JPMorgan analyst Samik Chatterjee reiterated an Overweight rating on Apple (NASDAQ: AAPL) after modestly raising iPhone volume forecasts despite the 2019 product cycle largely considered to be a muted one. iPhone volume forecasts increase with a raise in the iPhone EMS build estimates following the most recent feedback from the supply chain. The price target increases to $265 from $243 as the target rolls to December 2020 from 2019.

The analyst stated "In addition to a raise in volume expectations for 2019 product cycle, we are also increasing calendar 2020/2021 volume expectations led by stronger adoption of 5G enabled iPhones expected to be launched in September 2020 — all of which leads to stronger underlying revenue forecasts and will drive high investor confidence in the sustainability of revenue growth even in the backdrop of a mature smartphone market".

For an analyst ratings summary and ratings history on Apple click here. For more ratings news on Apple click here.

Shares of Apple closed at $220.67 yesterday.

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