Why Apple Stock Is Trading Higher Today

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Apple Inc (NASDAQ:AAPL) shares are trading higher Monday following positive commentary from Wedbush analysts regarding demand for the company’s new iPhone 14.

Pre-orders for the iPhone 14 kicked off on Friday. The new iPhone model will be available in stores beginning on Sept. 16, but Wedbush is already seeing strong demand trends.

“We already are seeing delivery times push to mid-October for many Pro models and most pre-orders are now looking at 3-4 week deliveries and quickly pushing out. So far demand and orders for iPhone 14 are tracking slightly ahead of iPhone 13 and are tracking ahead of our expectations out of the gates,” Wedbush wrote in a note to clients over the weekend. 

The analyst firm estimates that 240 million of the 1 billion total iPhone users worldwide have not upgraded their phones in more than 3.5 years. Wedbush also estimates that roughly 30% of iPhone users in China are due for an upgrade. Furthermore, the analyst firm expects significant promotional activity from carriers to begin this month. 

Wedbush maintained Apple with an Outperform rating. The analyst firm has a $220 price target on the stock. 

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AAPL Price Action: Apple has a 52-week high of $182.94 and a 52-week low of $129.04.

The stock was up 3.09% at $162.29 at time of publication, according to Benzinga Pro.

Photo: courtesy of Apple.