Apple (AAPL), the Consumer electronics giant is preparing to hold a spring product launch event on Tuesday. Such events are often catalysts for Apple stock.
The event, oddly titled “Peek Performance,” will be an online-only presentation, starting at 10 a.m. PST. Check back here for updates.
Apple hasn’t held an in-person product launch event since September 2019. It has held only digital presentations since the Covid-19 pandemic officially began in March 2020.
In morning trades on the stock market today, Apple stock added 0.6%, near 160.20, ahead of the “Peek Performance” event.
Analysts and tech press widely expect Apple to introduce a lower-cost 5G iPhone at the event. The rumored third-generation iPhone SE would be the company’s new entry-level 5G smartphone.
Wall Street analysts think the cheaper 5G iPhone will give Apple’s smartphone sales a lift in emerging markets like China and India.
Apple hasn’t upgraded its iPhone SE handset in two years. The current 4G model starts at $399, vs. $599 for Apple’s cheapest 5G smartphone, the iPhone 12 Mini. Apple’s second-generation 5G smartphones, the iPhone 13 series, start at $699.
JPMorgan analyst Samik Chatterjee said he expects Apple to sell 30 million units of the third-generation iPhone SE in 2022. He rates Apple stock as overweight, or buy, with a price target of 210.
Apple is likely to announce other products at the spring event as well. Those devices could include a refreshed iPad Air tablet and possibly another new Mac computer with Apple-designed chips.
Apple stock has been consolidating for the past nine weeks with a buy point of 183.04, according to IBD MarketSmith charts. It has an IBD Composite Rating of 94 out of 99, according to IBD Stock Checkup.
IBD’s Composite Rating is a blend of key fundamental and technical metrics to help investors gauge a stock’s strengths. The best growth stocks have a Composite Rating of 90 or better.