People shop at the Fifth Avenue Apple Store in New York.
Spencer Platt/Getty Images
Shares of Apple were rising again Wednesday, following a strong trading day Tuesday that bucked a market-wide selloff.
Apple (ticker: AAPL
) stock gained 1.8% to $168.25 in premarket trading Wednesday. It closed at a record high $165.30 on Tuesday, rising 3.2%.
The tech giant’s performance could be attributed to several factors, including signs of strong demand and fading supply-chain constraints.
New data suggest the iPhone 13 is seeing strong Chinese demand. Apple unit sales were up 820% from September to a record 10.8 million units, and 85% higher on a year-over-year basis, Cowen analyst Krish Sankar wrote in a research note on Tuesday.
Wedbush analyst Daniel Ives expects Apple to sell about 40 million iPhones between Black Friday weekend and Christmas, which would be a record holiday pace for the company, he said in a research note over the weekend. Ives maintained his Outperform rating and $185 price target.
Delivery and wait times also have been declining, pointing to improvements in supply-chain headwinds, analysts added.
“We view supply chain issues as nothing more than a speed bump on a multi-year supercycle iPhone 12/13 that continues to play out,” Ives wrote.
Write to Sabrina Escobar at [email protected]
