Apple (NASDAQ: AAPL) stock price jumped sharply since the beginning of this week as sentiments are high about the new iPhone 12 series event that is scheduled today. The closely watched event is delayed from its original fall date because of supply chain disruptions due to the pandemic.
Analysts and investors are confident about the future growth prospects; they are calling it a ‘once in a decade’ opportunity for the company.
The 5G supported iPhone series event took the center stage because the company has been experiencing slowing iPhone revenue growth trends in the past few quarters. It is considered as Apple’s biggest upgrade cycle in years.
Apple stock price soared more than 6% on Monday, the largest single-day increase in the last three months. The shares of the largest tech company are up almost 1.5% in Tuesday trading.
The reports are hinting that the tech company is planning to introduce 4 new iPhones with different prices and sizes. All of them would be supported by 5G technology, with faster download times.
“We expect this fall’s launch to be the most significant iPhone event in years,” Morgan Stanley analyst Katy Huberty wrote in a note this week.
The firm expects the tech company to ship almost 220 million iPhones in the next year and that represents a growth of 22% from the past year period.
Wedbush analyst Daniel Ives is bullish about the iPhone 12 launch as the analyst has raised Apple stock price target to $175. Shares of the largest company are trading around $125 at present, down from a 52-weeks high of $137 a share. Its stock price rallied close to $110% in the last twelve months.
The success of the iPhone 12 series is significantly important for Apple because of increasing market competition and slowing iPhone revenue growth trends. Its iPhone revenue came in at $26 billion in the latest quarter.