Apple rolled out a range of smartphones with 5G as part of its much-awaited iPhone 12 series. Despite the product launches, shares of the tech giant closed 2.7% lower.
Apple’s (AAPL) entry-level iPhone 12 mini has a 5.4-inch display screen selling at a starting price of $699. The second of the iPhone 12 models, has a 6.1-inch screen panel and starts to sell at $799. Both of the models will be available in 64GB, 128GB, and 256GB variants.
The iPhone 12 Pro, the third model in the series, has a 6.1-inch screen and starts at a price of $999. Apple’s top-of-the-line iPhone 12 Pro Max variant has a screen panel of 6.7-inch, the company’s largest-ever display size, and starts at $1,099. The two models have larger capacities and will come in 128GB, 256GB, and 512GB variants. (See AAPL stock analysis on TipRanks)
Following the launch, Oppenheimer analyst Andrew Uerkwitz said that “The new batch of iPhones are upgraded with stronger cover glass, new SoC, 5G connectivity, and improved camera and display specifications.” Uerkwitz believes that pricing of the newly launched models are “more reasonable this year, with meaningful upgrades (display, storage, camera, 5G) without price hikes.” The analyst reiterates his Buy rating and a price target of $125 (3.2% upside potential).
Currently, the Street has a cautiously optimistic outlook on the stock. The Moderate Buy analyst consensus is based on 24 Buys, 8 Holds and 3 Sell. With shares up nearly 65% year-to-date, the average price target of $123.22 implies upside potential of a moderate 1.8% to current levels.