Apple stock price extended the upside momentum in Tuesday trading after reporting more than 6% gain on Monday ahead of the Apple’s 5G iPhone launch today. Apple has delayed the launch of the 5G smartphone from its original date because of the coronavirus pandemic.
Investors and analysts have aggressively been watching towards the iPhone series lineup because Apple’s iPhone revenue has seen slowing growth trends.
Analyst Daniel Ives claims that the largest tech company is likely to present four new iPhone models today, all of them would be supported by 5G technologies.
He says Apple will launch a 5.4-inch OLED display with a price of $699 and a 6.1-inch OLED display around $799. The company will also introduce large screen phones with a 6.1-inch iPhone Pro OLED and 6.7-inch OLED display iPhone Pro Max.
“In particular we are seeing Apple and its Asian suppliers anticipate stepped-up demand for the larger 6.7-inch model which is raising the overall iPhone 12 expectations heading into this “once in a decade” potential launch,” analyst Daniel Ives said.
“A U.S. edition with mmWave technology, which “could be a game-changer looking ahead as more infrastructure, technology, and apps are built around this transformational 5G highway over the coming years,” he added.
Apple stock price currently trades around $125 a share, while Wedbush has provided a $175 price target. RBC has also raised the Apple stock price target amid the 5G iPhone launches.
Apple stock price has hit a 52-weeks high of $137 last month. The shares are currently offering a strong buying opportunity in the analyst’s view. This is because 5G supported phones will improve its revenue performance in the following quarters.
The company’s strategy of expanding its revenues base to other businesses is also enhancing investor’s sentiments. Apple has generated almost $13 billion in services revenue in the latest quarter while its revenue from wearables grew at a double-digit rate. The company also plans to expand its store network to improve product sales.