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MarketWatch MarketPulseSep 20, 2019
Apple's stock gains with analysts upbeat as iPhone 11 hits stores
Shares of Apple Inc. rose 0.4% in premarket trading Friday, as the new iPhone 11 becomes available in stores, with J.P. Morgan analyst Samik Chatterjee saying strong pre-order interest suggests a "robust" iPhone revenue trend. The stock's gain puts Apple on track to reclaim a trillion-dollar market capitalization. Chatterjee said his research indicates higher interest in the "lower-end" iPhone 11 model that initially anticipated by Apple and the supply chain, but over the next 12 months, he expects shipments to be more skewed towards the "mid-end" model. Cascend Securities Chief Investment Strategist Eric Ross raised his stock price target to $270 from $260, saying pre-orders look better than expected, with initial indications suggesting the "higher-priced" iPhone 11 Pro is seeing volume pre-order demand. The stock has rallied 10.8% over the past three months, while the Dow Jones Industrial Average has gained 1.3%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


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