Continuing its week of record-setting performance, AAPL stock hit yet another pair of all-time highs today. The stock closed at a new record high of $136.70, up from the previous all-time close record of $135.27 that was set last week.
Furthermore, AAPL hit a new intraday high of $136.75 today, up from the previous record of $136.27, which was set last week.
AAPL’s continued strong performance comes as Morgan Stanley analyst Katy Huberty raised her target price for the stock and made a handful of predictions for the upcoming iPhone 8…
As noted by Business Insider, Huberty raised her target price for Apple from $150 to $154. The increase doesn’t come without some reasoning, though.
In a note sent to investors, Huberty explained that she believes Apple’s struggles in China have been greatly overblown. Specifically, she says that there’s a possibility that one in five users of Chinese-branded smartphones will switch to an iPhone. “Apple is positioned to take net users from local Chinese smartphone brands,” Huberty writes.
Huberty’s predictions on China come following new data released over the weekend showing Apple slip from being the fourth-biggest smartphone brand in China to fifth after being beaten out by Xiaomi.
Additionally, Huberty’s investment note included her predictions for the upcoming iPhone refresh. Joining other analysts in doing such, she predicts that Apple will launch a higher-priced iPhone model with a curved AMOLED display, longer battery life, 3D sensors, and artificial intelligence capabilities.
Huberty believes that these changes will cause a rush of people updating their devices this fall, with customers in China being especially sensitive to the upgrades:
In addition to more modest updates to current iPhone SKUs, we expect Apple to launch a higher priced device with AMOLED display that allows for a curved form factor and longer battery life, wireless charging technology, 3D sensors, and more advanced AI software capabilities.
While we see accelerated upgrades for Apple’s highest end users in all regions, our work suggests China users are especially sensitive to new technology and form factor changes.
Earlier today, a pair of reports concerning the iPhone 8 emerged. The first, from KGI, claimed that the iPhone 8 will feature a “revolutionary” 3D-sensing front camera. The second report claimed that the iPhone 8 will launch with 3GB of RAM and be available in 64GB and 256GB capacities.
Stay up to date with iPhone 8 expectations in our continuously updating guide.
FTC: We use income earning auto affiliate links. More.
Comments