By Dhirendra Tripathi
Investing.com – Apple stock (NASDAQ:AAPL) traded 1.2% lower Monday, pulling back after touching lifetime highs in a weak market.
The stock touched a lifetime high of $182.09 to reach a market cap of $2.98 trillion on Monday.
The company is already the most valuable in the world and could be the first to hit the $3 trillion market cap mark.
According to Reuters, JPMorgan (NYSE:JPM) JPM analyst Samik Chatterjee today raised his target for the stock to $210 from $180 and reiterated his ‘overweight’.
The analyst said the company’s upcoming iPhone SE 5G has the potential to attract nearly 1.4 billion low- to mid-end Android phone and about 300 million older iPhone model users.
The company is expected to launch the iPhone SE with 5G capabilities in early 2022, according to media reports. The new model is expected to help it target the mid-range smartphone market dominated by the likes of Samsung Electronics (KS:005930), Huawei Technologies and Xiaomi (OTC:XIACY).
The brokerage raised its estimates for 2022 iPhone SE unit sales to 30 million and annual iPhone shipment to 250 million units, 10 million higher than previous year’s.