J.P. Morgan: The September 15 release will boost Apple’s share price in addition to AW’s possible release of the iPhone 12.

J.P. Morgan expects Apple’s September 15 launch to boost Apple’s share price as the company launches a new Apple Watch and possibly the iPhone, according tomedia reports. In an investor report seen by Apple Insider, JPMorgan analyst Samik Chatterjee reiterated that while Apple’s current valuation is high, it still has room for growth.

J.P. Morgan: The September 15 release will boost Apple's share price in addition to AW's possible release of the iPhone 12.

Ahead of the September 15 launch, Chatterjee said the current weakness in share prices could break the historical mood of “taking advantage of the news”. Chatterjee says this will be driven mainly by AW Series 6. In addition, the analyst added, Apple could still announce some iPhone 12 models in digital keynotes.

Chatterjee said that if the new iPhone were released at the event, it could come as a bigger surprise for a “moderate delay”. Combined with the iPhone production report, which began in mid-September, the analyst predicted that Apple might be able to ship some models of the iPhone by mid-October. “Therefore, the possibility of simultaneous AW, iPad and iPhone release on September 15th is not ruled out,” he wrote.

Chatterjee also expects Apple to launch a new AW at the launch, which could boost first-time buyers and the growth of Apple wearables. He predicted that there would be a service bundle.

For the iPhone 12 series, Chatterjee thinks Apple will release a 5.4-inch model, two 6.1-inch models and a 6.7-inch model. He expects both high-end devices to be equipped with mmWave, while low-end 5.4-inch and 6.1-inch devices will be equipped with low-band 5G.

Chatterjee maintained its 12-month share price target for Apple at $150, based on expectations of $4.96 per share and a mixed price-to-earnings ratio of 30 times.

Apple shares closed at $117.63 on Wednesday, up 4.3 percent.