Apple is seeing continued strong demand for its iPhone 13 handsets, Wall Street analysts say. Meanwhile, one Apple stock bull says the company is positioned for a "monster growth cycle" over the next year and a half.
In a note to clients late Tuesday, JPMorgan analyst Samik Chatterjee said Apple is seeing "robust" iPhone 13 demand despite the recent launch of Samsung's Galaxy S22 handset.
U.S. sales trends across various wireless carriers indicate that iPhone 13 sales "remain elevated (compared) to prior iPhone cycles," he said. However, the supply of iPhone 13 models remains mixed at retailers, given production constraints.
Chatterjee rates Apple stock as overweight, or buy, with a price target of 210.
Apple Stock Nears Buy Point
On the stock market today, Apple stock rose 0.8% to close at 170.21. Apple stock is approaching a buy point of 176.75 out of a double-bottom base, according to IBD MarketSmith charts.
On Tuesday, Apple stock rose above its 50-day moving average line in a positive sign.
Wedbush Securities analyst Daniel Ives said Apple is seeing "stellar" iPhone 13 demand globally and an "elongated product cycle." The momentum will provide a good set-up for the launch of the iPhone 14 this fall, he said in a note to clients late Tuesday.
"We believe the company is setting up for a monster growth cycle over the next 12 to 18 months that is not baked into shares at current levels," Ives said. He rates Apple stock as outperform with a 12-month price target of 200.
Apple stock has an IBD Composite Rating of 92 out of 99, according to IBD Stock Checkup. The Composite Rating scores a stock's key growth metrics against all other stocks regardless of industry group.
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