J.P. Morgan raised its price target on Apple (NASDAQ: AAPL) over an optimistic outlook for 2020 and 2021 iPhone volume.

J.P. Morgan analyst Samik Chatterjee raised his price target on Apple from USD 290.00 to USD 296.00 per share on Monday morning.

Chatterjee expects Apple to launch four new iPhones in September 2020, all of which will support 5G capabilities, but only two of which will have “world-facing” 3D sensing, according to MarketWatch.

"Starting 2021, we expect Apple to smooth iPhone seasonality by shortening launch intervals and introducing two new iPhones in both 1H21 and 2H21," Chatterjee wrote.

Chatterjee maintains an overweight rating on Apple’s stock, which is now down 1.03% during Monday’s afternoon trading session.

Similarly, Wedbush analyst Daniel Ives raised his price target on Apple last month, citing expectations of stronger growth in iPhone sales.

Ives last month reiterated his “outperform” rating on Apple’s stock, but raised his price target to USD 325.00 per share.

Ives said in a note to clients that he believes Apple "still in the midst of a renaissance of iPhone growth heading into 2020 that will further catalyze the stock higher as it gets re-rated from the Street."

On the other hand, analysts from Maxim Group believe that Apple’s iPhone sales will tumble in the March quarter. Maxim analyst Nehal Chokshi warned that Apple’s iPhone sales in the March quarter will be much lower-than-expected, leading to an iPhone revenue decrease of 5% in fiscal 2020.

Despite Monday’s performance, Apple shares are still up 67.9% this year.