On NASDAQ Apple shares rallied 2.53% to 223.85 USD on Tuesday as Apple Inc. is expected to unveil three new iPhone models today in Cupertino, California. This takes Apple shares to rose the most in five weeks on heavier-than-average volume.
According to the analysts, the launch of new models is likely to uplift Apple’s average smartphone price by 5.4% year-over-year to $US793 in fiscal year 2019. But the prices for the Apple products like Apple Watch and Air Pods are like to increase due to the proposed US tariffs on $US200 billion worth of products imported from China. This trade war continues to build risk for a company as parts of its iPhones are produced in Asia.
With an expected boost in the iPhone’s average price, UBS Group’s Timothy Arcuri raised its 12-month price target to $US250, which presents about a 12 per cent increase from its current level.
Apple’s share price has shown tremendous upside movement, as after opening at US$218.01, AAPL stock has jumped to day-high of US$224.30 before last trading at US$223.85 as at 12 Sep, 4:31 AM GMT-4.
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