Shares of Apple Inc. posted their biggest gain since May as pre-order data showed the iPhone 14 Pro Max was the best-selling model, outperforming what the previous version did in a similar time frame.
Shares of the tech giant rose as much as 4.4% on Monday, their biggest intraday gain in four months, on strong demand for the latest series of mobile phones that was unveiled at its product launch event last week. , according to analysts from JPMorgan to Barclays.
“Pre-order data shows that the iPhone 14 Pro Max is the best-selling model and is doing better than the iPhone 13 Pro Max right now,” KGI Securities analyst Christine Wang said in a report. The price of the iPhone 14 series is positive for its future sales, she added.
Apple is the best-performing mega-cap tech stock this year because investors are confident in its ability to tap into its more than 1 billion customers to get more profit from its services, including app, video, fitness and gaming subscriptions. The next catalyst for action will be the September quarter results, which are expected in late October.
This year, its shares are down 8% more than the Nasdaq 100 index, which has plunged 22%. Some 96% of the 50 analysts who cover the stock recommend buying Apple shares or holding their positions, while only two suggest selling, according to data compiled by Bloomberg.