Apple, Inc. is on the cusp of topping a $3 trillion market capitalization, potentially becoming the first company to do so. Monday, the company’s shares received a Wall Street-high price target from an analyst at JPMorgan Securities.
Apple Analyst
Samik Chatterjee reiterated an Overweight rating on Apple stock and named it the firm’s top pick into 2022. The analyst increased the price target from $180 to $210.Apple Thesis
Expectations around the iPhone 13 demand cycle have improved from the “low-bar” set earlier in 2021, helping the stock to reverse the underperformance of the first half of the year, Chatterjee said in a note.Most of the revenue and earnings upside realization associated with the iPhone 13 cycle is yet to come, the analyst said. This will lead to investors attributing a peak multiple on consensus earnings expectations, similar to the iPhone 12 cycle, he added.
