At the beginning of US stock trading on Wednesday, Apple IncThe share price rose to a record high of $154.78, up nearly 2 per cent.
Jeff Kvaal, an analyst at Wolfe Research, upgraded Apple Inc's rating to level with the market from outperforming the market, and raised its target price to $155 from $135a. The analyst raised his expectations to more than widely expected and believes that promotional activities by US operators have effectively contributed to strong demand for iPhone 12. Kvaal told investors that he believes this trend will continue on iPhone 13, as market competition and "rising 4G network congestion" will prompt US operators to extend 5G promotion activities to iPhone 13 cycles.
In addition, Wade Bush had expected strong market demand for iPhone 13, with total iPhone production between 130 million and 150 million.