What you need to know
- The iPhone 13 might turn Apple's underperformance around.
- JPMorgan believes the company will sell 226 million iPhones next fiscal year.
Apple has been underperforming compared to the S&P 500 this year, but that might turn around once the company releases all of its new products in the fall.
In a new investor note seen by Business Insider, JPMorgan believes that Apple's stock performance is set to turn around when the company announces the iPhone 13 in a few months. The bank has upgraded the price target for AAPL from $165 to $170, which would equate to a 21% increase in stock performance currently.
The bank believes that a number of factors contribute to their prediction, including lower investor expectations for the company.
JPMorgan notes that Apple's stock has commonly shot up if the company outperformed investor expectations or if the company experienced a solid release of a new iPhone.
The bank expects Apple to ship as many as 226 million iPhones in the 2022 fiscal year. That would be a huge jump from other reports that expect shipments of 210-215 million units.
Apple is expected to announce the iPhone 13 this fall with some notable camera, display, and battery upgrades. If you want even more battery in your iPhone, check out our list of the Best iPhone 12 battery cases 2021.
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Joe Wituschek is a Contributor at iMore. With over ten years in the technology industry, one of them being at Apple, Joe now covers the company for the website. In addition to covering breaking news, Joe also writes editorials and reviews for a range of products. He fell in love with Apple products when he got an iPod nano for Christmas almost twenty years ago. Despite being considered a "heavy" user, he has always preferred the consumer-focused products like the MacBook Air, iPad mini, and iPhone 13 mini. He will fight to the death to keep a mini iPhone in the lineup. In his free time, Joe enjoys video games, movies, photography, running, and basically everything outdoors.