The iPhone 11 reached customer’s hands just over a week ago, and Apple CEO Tim Cook told a German newspaper that the latest iPhone enjoyed a “very strong start.”
To add to the good news for Apple, analysts J.P. Morgan revised upward its estimate of how many iPhones will sell before the end of this year.
The combination touched off a mini rally in Apple’s share price, pushing the company’s market capitalization back up over $1 trillion.
iPhone 11 is selling well
In further comments about the launch of the iPhone 11, Cook told the German-language BILD that “We could not be happier the way things are going.”
Aside from quarterly financial statements, it’s fairly rare for Apple to comment on how its products are selling. The company stopped releasing exact figures for iPhone sales last year.
Keep in mind that it‘s against Securities and Exchange Commission (SEC) regulations for any CEO to lie about company performance. Doing so can result in fines or even the removal of the executive from the company.
J.P. Morgan gets more optimistic
J.P. Morgan analyst Samik Chatterjee sent a note to investors this morning that states “We are modestly raising our iPhone volume forecasts and expect investor sentiment on AAPL shares to improve materially given the firm’s ability to drive upward revision to volume expectations despite the 2019 product cycle largely considered to be a muted one.”
Chatterjee and his fellow J.P. Morgan analysts now say Apple sold 1 million more iPhones in the current quarter than they had previous thought, and increased their Q4 estimate by 3 million units.
Apple shares are up
Tim Cook’s comment was made before the US stock market opened this morning. Apple shares had closed Friday at $218.85, but opened today at $220. It’s current trading over $224, up 2.5% this morning.
The upgrade by J.P. Morgan could also be fueling this mini-rally.