It’s time for Wall Street analysts to get more bullish on Apple stock as the company’s newest iPhones hit shelves worldwide on Friday, according to CNBC’s Jim Cramer.
Cramer said that early signs of stronger-than-expected demand for Apple’s iPhone 17 models and iPhone Air, coupled with upbeat remarks from Apple CEO Tim Cook himself, should be enough for more analysts to start raising their estimates.
Fresh from interviewing Cook at Apple’s flagship New York City store on launch day, Jim cited positive commentary and a price target increase from JPMorgan. “It’s a race. It’s a race to be higher,” he told his CNBC colleagues on the “Squawk on the Street” set at the New York Stock Exchange. “Those thinking that this will be a so-so launch. The numbers are not saying [that]. The numbers are saying that it’s better.”
“We expected, we meaning Wall Street, that there would be some demand exceeding supply. We didn’t expect 1,000 people to show up at Dubai,” Jim said. “The numbers in China are much better. The pre-orders in one week from when I talked to Tim last week are much, much better. The Street had not expected anything very big.”
Reading the tea leaves on what Cook told him this Friday morning, Jim said during the Club’s Morning Meeting, “There have been moments where I say this year looks better than expected, and Tim will say ‘Yes.’ Then, there are moments where he will tell me that ‘it’s better than expected.'” He added, “That is what we’re having,” suggesting it was a very bullish sign.
“You want to stay long on this [stock]. This could be the breakout moment,” Jim stressed. “The reason that I say this is because people are looking for low single digits for this. I think we’re going to get better than that.”
MacDailyNews Take: We’re on the launchpad and fueling up, AAPL investors!
As we’ve long said, Wall Street is a game: play it well or don’t play it at all. – MacDailyNews, March 20, 2007 (on which day AAPL closed at the split-adjusted price of $2.79 per share)
And here we were hoping for sub-$220! If someone can talk it down to sub-$210 or (dare we dream) sub-$200, we’ll be in love! – MacDailyNews, January 24, 2025
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