Apple Inc. (AAPL), which became the first U.S. corporation to exceed $1 trillion earlier this year, will continue to outperform the broader market, according to one team oꦅf analysts who decided to throw in the towel and take back their bearish stance on the smartphone maker.

In a note to clients, Goldman Sachs analysts wrote that the Cupertino, Calif.-based tech giant has made them "eat our hat," admitting their previous stance on the FAANG stock was overly cautious, as reported by CNBC. “We had expected worse iPhone X demand and some pullback in the stock — clearly neither of these two things happened,” wrote Goldman analyst Rod Hall. 

(See also: Samsung To Trick Out Cheaper Phones to Win Millennials.)

Higher iPhone 9 ASP to Help Apple Beat Forecasts❀

The investment firm lifted its 澳洲幸运5开奖号码历史查询:price target on the smartphone maker by 20% to $240 from $200. Hall estimates the price of the iPhone 9 at $849, fa🍃r exceeding the $699 price tag others have speculated. While potentially offering "some flexibili✱ty down to $800," Goldman wrote that is is unlikely Apple will "go for lower price points" given iPhone X demand was higher than expected over the recent months. 

"Apple is once again proving itself tough to bet against," wrote the analyst. 

On Friday, Apple stock fell on an announcement from the ꦆcompany indicating that the new tariffs on China, championed by President Donald Trump, would hurt its business. 

Meanwhile, an analyst at Piper Jaffray, who reiterated their overweight rating on Apple shares, recommend buying the stock on Apple's “wider array” of new iPhones slated for release on September 12. Bulls expect greater than expected demand for the new devices to help the tech titan exceed forecasts as the firm benefits from a "super-long cycle" and a "multi-year move" in iPhones within the X family. Piper Jaffray cited a survey indicating that roughly two-thirds of iPhone owners, or over 500 million people, are using a model that's at least two years old. 

Apple shares are down 0.2% in early trading on Monday at $220.78, reflecting a 30.5% gain 澳洲幸运5开奖号码历史查询:year-to-date (YTD) compared to the S&P 500's 7.8% return over the same period. Goldman's new 12-month Apple price target reflects an 8.7% upside from current levels. 

(See also: Apple to Launch Latest Batch of Updated iPhones.)