Shares of Apple (NASDAQ: AAPL) rose sharply on Monday as two analysts said they believed pre-orders for the newest iPhone models were looking good. Some investors may have worried that the new iPhone models, without any major changes to their form factors, would fail to provide sufficient catalysts for a meaningful upgrade cycle from smartphone users. But according to Wedbush analyst Daniel Ives and Bank of America analyst Wamsi Mohan, pre-order demand for the latest Apple smartphones is promising.
Furthermore, both analysts are bullish on the stock. The more bullish of the two analysts, Ives, has an aggressive 12-month price target for the tech stock of $220. Impressively, this represents about 34%. A one-year return like this would not only be rewarding for shareholders, but likely even market-beating.
Mohan and Ives, who have $185 and $220 12-month price targets for Apple shares, respectively, both cited the same data to support their optimistic notes to investors Monday morning. The stated delivery timeframes for orders of new iPhones on Apple's website are pushing out further (at a faster rate) than they were with previous-generation iPhone models, the two analysts say. This is true for both Apple's own website and mobile carrier websites, Mohan said.
Source Fool.com