So much for disappointing iPhone sales rumors. Apple traded as much as 1.6% higher Monday after JPMorgan raised its price target on the company. The firm now expects the stock to climb 20% over the next 12 months, notes Business Insider.
Apple is selling more of its 2019 smartphones than initially expected, said analyst Samik Chatterjee. Initial estimates projected sales to slump as limited hardware upgrades and the wait for 5G compatibility would drive consumers to wait for the 2020 models.
Chatterjee also improved his outlook for 2020 iPhone shipments. He said “solid consumer interest in 5G phones at the premium end” will boost sales in the North American market.