Wall Street Continues to Buzz over Apple's Pre-Order Demand for iPhone X and Pushes Stock Higher
Earlier today we posted reports on Apple's Financial Conference Call this Thursday and the good news coming out of China that Apple has gown their business 40% in the last quarter. As the morning kicked in, brokers were still reacting to the commentary from Apple that iPhone X pre-orders were off the Charts and showing their bullishness by pushing Apple's stock (AAPL) to a record of $168.07/share which will of course fluctuate during the day.
Daniel Ives, a well-known sector analyst, raised his forecast on Monday for pre-orders by 10 million, and several other analysts talked up sales over the next year.
In a note, Ives of research house GBH Insights, raised his pre-order demand expectations for the iPhone X to 50 million units from 40 million, calling the first stage of the iPhone X release a "stellar success".
"With the official launch of iPhone X in Apple retail stores slated for this Friday, Nov. 3, we anticipate very high demand globally with limited supply of iPhone X on hand," Ives said.
Wall Street is bullish on Apple with 31 of 38 brokerages rating the stock "buy" or higher. Their median price target of $180 projects a market cap of nearly $930 billion for the iPhone maker. Read the full report here.
About Making Comments on our Site: Patently Apple reserves the right to post, dismiss or edit any comments. Those using abusive language or negative behavior will result in being blacklisted on Disqus.