Apple CEO Tim Cook delivers the keynote address during the 2020 Apple Worldwide Developers Conference (WWDC) at Steve Jobs Theater in Cupertino, California.

Brooks Kraft/Apple Inc/Handout via Reuters

(This story is for CNBC Pro subscribers only).

Shares of Apple moved higher Monday as Wall Street analysts signaled increasing confidence about the new generation of iPhones.

Loop Capital Markets and Morgan Stanley said in client notes on Monday that early signs pointed to sales of the iPhone 12 surpassing expectations. Apple rolled out the iPhone 12 in October, including a model compatible with 5G, the most anticipated of a series of product events for the hardware giant this fall.

The megacap stock gained about 0.9% in early trading.

Originally published at CNBC

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