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Apple (AAPL) +2.85% on strong sales forecast heading into Black Friday
Apple (AAPL) shares were up 2.85% on Monday after analysts at JPMorgan forecast strong sales of the iPhone 13 over the holidays following an increase in stock.
Apple (APPL) shares rose 2.85% to a record high in Monday’s trading after analysts said that supply levels for the tech giant’s iPhone 13 are improving, which bodes well for sales during the busy holiday season.
JPMorgan noted on Monday that lead times for iPhone 13 and iPhone 13 Pro models, which launched back in September, are getting shorter as Apple prepares for the popular ‘Black Friday’ weekend in the US and UK.
Analysts expect a splurge from consumers during the next six weeks after spending jumped to a record $638.2bn in the US last month, according to data from the Commerce Department.
Major retailers have already benefited from this, with Walmart (WMT) and Target (TGT) among those that recently posted strong Q3 reports and guidance for stronger-than-anticipated holiday sales.
Apple heads into the final throes of 2021 in a better position compared to a month ago, when Nikkei reported that the Cupertino-based company had slowed the production of iPads to divert chips to iPhone models.
Supply chain issues have been an industry-wide concern, but Apple has struggled more than most after it admitted that it lost $6bn in sales in Q3.
CEO Tim Cook said that the firm had tweaked its internal procedures to ensure that newly made chips were being installed in products and then shipped “as quickly as possible”.
The improvement to supply dynamics and positive sales trends meant that Apple shares hit a new all-time high on Monday, with the 2.85% advance on the Nasdaq setting a $165.70 price.
Tesla (TSLA) also made early gains (+4.1%) after CEO Elon Musk revealed that the premium Model S Plaid would go on sale in China in March next year.
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