Apple target price gets a boost at JPM on optimism for four new iPhone models

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J.P. Morgan analyst Samik Chatterjee grew increasingly optimistic Monday about Apple Inc.’s iPhone volumes for 2020 and 2021, boosting his target price to $296 from $290. He expects Apple to launch four new iPhones in September 2020, all of which will support 5G capabilities but only two of which will have “world-facing” 3D sensing. He also thinks Apple will take a new approach to device launches the following year. “Starting 2021, we expect Apple to smooth iPhone seasonality by shortening launch intervals and introducing two new iPhones in both 1H21 and 2H21,” he wrote. Chatterjee has an overweight rating on Apple’s stock, which is up 0.1% in premarket trading Monday. The shares have risen 69% so far this year, as the Dow Jones Industrial Average has climbed 20%.

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