Apple price target raised to $296 from $290 at JPMorgan
JPMorgan analyst Samik Chatterjee raised his price target for Apple to $296 from $290 and keeps an Overweight rating on the shares. Early visibility into 2020/2021 iPhone product cycles are offering incremental reasons to be positive relative to volume implications, Chatterjee tells investors in a research note. The analyst, who also raised his volume forecasts and earnings estimates, believes Apple's four new 5G iPhones in the second half of 2020 will offer broader optionality to customers. His supply chain checks indicate that Apple is likely to launch four new iPhone models in September 2020, including all four with 5G capabilities, but only two with ToF World-facing 3D Sensing. Further, the checks indicate that starting 2021, Apple will smooth iPhone seasonality by shortening launch intervals and introducing two new iPhones in both the first half of 2021 and the second half.