Apple Inc. stock has reportedly jumped the highest since May this year with pre-order data revealing iPhone 14 Pro Max as being the most sought-after model, outselling the earlier iPhone 13 Pro Max within the same timeframe.
Additionally, the shares of the tech behemoth have soared 3.9% which is its biggest one-day gain since the end of May and closed above its 200-day average for the first time since August. Experts from top-notch investment banks have asserted that the popularity of the recently launched iPhone series is a prominent factor responsible for the surge.
It is worth mentioning that Apple announced AirPods Pro earbuds, the iPhone 14 series, and Apple Watch variants at its biggest product launch of the year.
The iPhone retains the general appearance of the previous model while adding a much-anticipated satellite-messaging component. A significant proportion of iPhone upgrades are aimed at the higher-end Pro models. These devices will include a 48-megapixel camera and a display unit competent to remain in low-power mode at all times.
While its stock is down about 8% this year compared to the Nasdaq 100 Index, which is down about 22%, it is surprising to note that 96% of the 50 experts addressing the stock still highly suggest either acquiring fresh shares or retaining their stances.
They are of the opinion that the cost of the iPhone 14 series is favorable for prospective revenues for the company, thus likely to positively impact its market trajectory in the coming years.
For the unknown, Apple is the best-performing mega-cap technology investment this year as investors believe in its competency to monetize on its client base of over 1 billion through a holistic subscription approach of offering numerous services including video, fitness, gaming, apps, etc.
Notably, revenues for the second quarter, which are to be reflected by the end of October, are predicted to be the next enabler for the share price of the tech giant.