Apple shares rose nearly 2% in early trading.
- Wolfe Research upgrades Apple from Underperform to Peer Perform on strong iPhone 12 demand trends that should provide a tailwind for the iPhone 13 lineup expected to launch later this month.
- Analyst Jeffrey Kvaal says the demand was driven by healthy U.S. operator promotions and Huawei share gains. Additional fuel is coming from the tech giant's supply chain strength, which partially offsets the global component shortage, and the "elevated" average selling prices.
- Kvaal raises Apple's price target from $135 to $155.
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