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Author: Alan LittleDate: 2020-10-13

Apple (AAPL) up 5% ahead of Tuesday’s ‘iPhone 12’ launch

Apple Inc. (AAPL) shares climbed 5.35% on Monday ahead of the tech giant’s hotly anticipated ‘Hi, Speed’ event on 13th October, which is expected to see the launch of a new 5G-capable iPhone 12.

Stocks were up across the board at the start of the new week, but the tech sector saw notable gains, with both Apple and Amazon (AMZN) trading higher.

Apple’s product launch will take place at 6pm BST on Tuesday, and analysts at CNBC believe that now is a great time to buy into the Cupertino-based company’s stock.

Looking back at previous product launches, CNBC noted that AAPL stock generally performs strongly in the immediate aftermath.

Analysts remain bullish on Apple, with an overall consensus at overweight with 20 buy, 13 hold and three sell ratings.

Amazon shares also rose 4.48% on Monday ahead of its two-day ‘Prime Day’, which will take place on 13th and 14th October.

CFRA Research analyst Tuna Amobi expects strong sales this year on the back of a fervent demand for consumer essentials and other home-related items.

Reiterating a buy rating, Amobi added: “This year’s event likely takes on its greatest significance yet, as the lockdown spurs further acceleration in e-commerce growth amid the underlying secular shifts.”

Amazon stock has soared 71% for the year-to-date and currently has an analyst consensus at buy with 42 buy, three hold and one sell ratings.

Monday was the calm before the storm as earnings season will kick off in earnest this week, with no less than 31 companies expected to report before Friday’s close.

Johnson & Johnson (JNJ) and JPMorgan Chase (JPM) will be among the first to release quarterly earnings updates on Tuesday.

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