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The sales cycle of Apple will be accelerated in early 2022, according to the report.
The bank raised its price target on Apple to $210
Apple's stock price is less than 1% away from hitting a $3 trillion market valuation on Monday.
According to a Monday note from JP Morgan, Apple's upcoming launch of a budget 5G iPhone SE will accelerate its sales cycle and help drive its market valuation to over $3 trillion.
The bank raised its price target for Apple to $210 from the Friday's close, which would represent a potential upside of 17%. Apple is less than 1% away from hitting that milestone for the first time ever on Monday, if it moves to $210
Apple needs to hit $182.85 for the market valuation to be reached. The shares traded for $181.72 in the early hours of Monday.
There are more upgrades to consensus iPhone shipments still to come with the iPhone SE with 5G capability to launch soon in early 2022, which has the potential to drive upgrades from the installed base of old iPhones as well as switchers from an installed base of low- to mid-end.
More than 300 million iPhone users are in need of an upgrade, and more than 1.5 billion low- to mid-end phones are in use, according to the bank.
Many were expecting a weaker product cycle earlier this year, but the expected launch of a sub-$500 iPhone with 5G capability in 2022 will boost investor expectations. The bank thinks Apple could sell more than 30 million units of the iPhone in the next two years.
Analysts assign little weight to the possibility of an upgraded version of the phone being launched on a more frequent basis, since Apple's original iPhone SE was launched in the spring of 2016 The upgraded iPhone SE model was released in 2020.
"We expect Apple to upgrade the iPhone SE with 5G in 1H22, and also make it a frequent annual upgrade going forward, driving further its already demonstrated strategy of covering a wider range of price points," said JP Morgan.
Business Insider has an original article.
