After Apple shares (NASDAQ:AAPL) rallied by more than three percent during the most recent trading session, the stock of the iPhone maker is now projected to rally even further as it kicks off the official selling of the iPhone X later this week.
The company is also expected to post upbeat earnings report this Wednesday that will beat most earnings estimates. Aside from a positive earnings report, the company is also expected to reveal a positive outlook in their coming quarters especially with the holiday quarter coming up just in time for the sale of their most recently released products like the iPhone 8, 8 Plus, and X.
Apple also unveiled its Apple Watch Series 3 during their annual event last September. Apple shares have surged at the beginning of the week after various reports of a surge in the orders and sales of the iPhone 8 and 8 Plus which was released in September.
Initial reports have recently revealed that the iPhone 8 and 8 Plus line have been receiving far less attention than expected due to the markets anticipating the release of the tenth anniversary iPhone X during the first week of November.
According to the reports, Apple iPhone 8 sales in China have gone up after Apple failing to beat sales forecasts in the country for the past couple of quarters. Apple has reportedly been able to sell 11 million iPhone units for the three months that followed until September in China compared to their sales of 8 million iPhone units during the same quarter last year.
Following these reports, analysts have also stated that the demand for the premium iPhone X unit is set to go higher than the previously highly in-demand iPhone 7 and 7 Plus. The current outlook for the iPhone X is providing investors and analysts a bright outlook for the growth of Apple due to the iPhone X being sold as the most expensive iPhone unit yet at the starting price of $1,000. Pre-orders for the iPhone X will begin this Friday and will be available in official Apple stores shortly.
Apple is expected to deliver revenue of between $49 billion to $53 billion for the fourth fiscal quarter which is 7.7% higher than their revenue of $49.6 billion for the same quarter a year ago.
Sales of the iPhone X is expected to drive Apple’s earnings and market capitalization to new highs by next year beginning during the holiday quarter with some analysts upgrading their target price on Apple’s stock to around $722 to $740 per share.