The largest company in the world recently presented its new lineup of several products, and since then has been experiencing bullish numbers in regard to supply and demand. Apple Inc. (AAPL) launched its iPhone 13, the keystone of its product supercycle, which has been hailed as the strongest “in roughly a decade.” (See Apple stock charts on TipRanks)

This claim was included in Daniel Ives' report from Wedbush Securities, who noted that sales and distribution of the smartphones are already indicating promising metrics.  

Ives rated the stock a Buy, and provided a bullish price target of $185. Before market open on Thursday, this price target reflected a possible 12-month upside of 26.84%.  

A large market for iPhones, China has been buying them up more than any other nation. Sales increased about 20% more year-over-year, due in part to long-time established users converting to upgraded models. Ives estimates that about one quarter of all iPhone users have not upgraded in three and a half years.  

Many upgrades are occuring through carrier trade-in plans, and a healthy portion of these involve the more high-end iPhone models.  

The five-star analyst mentioned that while supply chain challenges remain an overhang, iPhones are thus far being delivered at an even higher rate, when compared to last year’s iPhone 12 launch. According to Ives, the high levels of production signal “an increased confidence with Cook & Co. [Apple’s senior management] that this 5G driven product cycle will extend into 2022.”  

On TipRanks, AAPL has an analyst rating consensus of Strong Buy, based on 19 Buy and 6 Hold ratings. The average Apple price target is $169.64, suggesting a potential 12-month upside of 16.31%. These statistics are accurate prior to market open on Thursday, September 23.  

Disclosure: At the time of publication, Brock Ladenheim did not have a position in any of the securities mentioned in this article.

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The post Apple Meeting Demand Despite iPhone 13 Supply Challenges appeared first on TipRanks Financial Blog.

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By: Brock Ladenheim
Title: Apple Meeting Demand Despite iPhone 13 Supply Challenges
Sourced From: blog.tipranks.com/apple-meeting-demand-despite-iphone-13-supply-challenges/
Published Date: Thu, 23 Sep 2021 14:27:26 +0000

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