Although the growth forecast for the iPhone 12 is uncertain, JPMorgan Chase, the investment bank, said investors are expected to get “moderate returns” in 2021 due to the strong performance of wearable devices, Apple’s Silicon Mac and iPad. In a report to investors seen by the media, Morgan chief analyst Samik Chatterjee said expectations of the iPhone 12 “super cycle” were running counter to investor sentiment. Although the expectations for the iPhone 12 product line are optimistic, J.P. Morgan research shows that current positive factors will not help 5g led growth, Chatterjee said. That’s because JPMorgan is tracking consumer demand for older iPhones, especially the iPhone 11. While this has allowed Chatterjee to increase its iPhone sales from 235.5 million units to 2375 million units, the presence of the iPhone 11 weakens the overall advantage of the 5g equipped product line. < / P > < p > in addition, Chatterjee said the current survey showed that the demand for the iPhone 12 series was still “strong”, especially for the iPhone 12 pro. It’s just that the market is ready for a strong cycle of 5g iPhones, which have already limited the upside expectations. < / P > < p > on the other hand, Apple’s non iPhone product category may help investors’ expectations. Wearable devices, including the apple watch and airpods, seem to be well suited to drive Apple’s growth through 2021. Chatterjee quoted IDC’s forecast that the company would grow at an annual rate of 20%. < / P > < p > in addition, Chatterjee also predicts that the benefits of the Mac and iPad categories will continue through 2021, driven by the ongoing home office and distance education environment during the new crown pandemic. The analyst forecasts that revenue for the Mac and iPad in 2021 will be $32 billion and $24.8 billion, respectively, higher than the $29.3 billion and $24.3 billion expected by Wall Street, respectively. < / P > < p > Chatterjee maintained his forecast for apple in 2021, but raised his forecast for 2022 and fy2023, as it is unlikely that any accident will happen. < p > < p > unfortunately, Chatterjee did not make any forecast for Apple’s services business in the report, which made it an outlier in financial analysts’ forecasts in 2021. Services are expected to be a bigger driver of growth for the Cupertino technology giant by the 1920s. < / P > < p > the analyst reiterated that Apple’s 12-month target share price is $150, which is based on JP Morgan’s expectation of 2022 earnings of $4.90 per share and a P / E ratio of about 31 times. The report shows that the number of app store purchases soared in the first half of this year due to the impact of covid-19