Analysts Bullish On iPhone 13 Prospects Thanks To Carrier Promotions

Wall Street analysts are upbeat about prospects for Apple‘s (AAPL) iPhone 13 handsets, while joking about superstitions that the number 13 is unlucky. Apple stock is near record high territory ahead of the company’s fall product launch event where new iPhones are on tap.


Apple is holding an online event titled “California Streaming” starting at 10 a.m. Pacific time on Tuesday. Analysts widely expect the company to introduce its 15th-generation smartphones, the iPhone 13 series, as well as Apple Watch Series 7 wearables.

Based on news leaks, the iPhone 13 likely will feature incremental upgrades to the current iPhone 12 series, which came out last October. The upgrades are said to include a faster processor, improved cameras, better displays and longer battery life.

The iPhone 13 could have a smaller notch on the display that houses the front-facing camera, sensors and ear speaker, according to some reports. It also could include satellite communication technology. That would allow users to send emergency messages when in areas without cell service.

Apple Stock Drops Ahead Of Event

On the stock market today, Apple stock fell 3.3% to close at 148.97. It had been up earlier in the session before news broke of a negative court ruling. Apple stock hit a record high 157.26 on Sept. 7.

In a note to clients, Evercore ISI analyst Amit Daryanani said the iPhone 13 should do well with consumers.

“While we are coming off of a very strong iPhone cycle, strength can be sustained as Apple continues to gain share in China coupled with increased phone usage/higher disposable income in the U.S. (which) could result in shrinking replacement cycles,” he said.

The new handsets will be Apple’s second-generation 5G smartphones. Wireless carriers are likely to offer attractive promotions to get consumers to upgrade to 5G service plans, Daryanani said.

“Carriers have spent material dollars to build 5G capacity and could compete for new subscribers with the iPhone (13) cycle,” he said.

Daryanani reiterated his outperform rating on Apple stock with a price target of 180.

IPhone 13 Might Be ‘Lucky’ For Apple

Along with the iPhone 13 and new Apple Watch, the company could introduce its third-generation AirPods wireless earbuds, Daryanani said. Plus, there is a “long shot” chance Apple could announce an augmented reality or virtual reality product, he said.

Monness Crespi Hardt analyst Brian White on Friday maintained his buy rating on Apple stock. He also kept his price target at 184. He predicted the iPhone 13 will be “lucky” for Apple and continue the momentum of strong iPhone 12 sales.

“Given an improved economy, expanded 5G coverage, and low 5G smartphone ownership, we expect the iPhone 13 family to receive an enthusiastic reception,” White said in a note to clients.

Price-Target Hike For Apple Stock

On Thursday, Piper Sandler analyst Harsh Kumar raised his price target on Apple stock to 175 from 165. He kept his overweight, or buy, rating on the stock.

“Based on our conversations with multiple AT&T (T), Verizon (VZ), and T-Mobile (TMUS) stores, iPhone 12 demand remains strong, as trade-in programs and overall strong features continue to push adoption,” Kumar said in a note to clients. “Given the iPhone 12’s popularity and the still largely unpenetrated 5G install base, we see the iPhone 13 continuing the momentum, even if the features are mostly similar to the iPhone 12.”

Follow Patrick Seitz on Twitter at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.


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