Apple (AAPL.US) shares gained momentum following a favorable ruling in Google's (GOOGL.US) antitrust case on Tuesday, with the stock closing up nearly 4% on Wednesday, reaching its highest closing price since early March. As the fall launch event approaches, the tech giant hopes to replicate similar stock performance boosts when unveiling its latest iPhone and Apple Watch series. JPMorgan analysts believe the iPhone Air could deliver better-than-expected market reception.

In an investor note, the JPMorgan analyst team led by Samik Chatterjee stated: "Although the iPhone Air's feature set aligns more closely with the base iPhone rather than the Pro version, its thinner and lighter design could potentially attract a broader consumer base than anticipated. In recent months, supply chain feedback indicating Apple plans to limit iPhone Air production to approximately 10-15 million units in the second half of this year has led to downward revisions in market sales expectations, but there remains room for positive surprises if consumer response proves stronger."

The pricing strategy also warrants investor attention: if the new model is priced around $800, it would qualify for subsidies in the Chinese market, potentially providing Apple with additional growth opportunities.

However, Bank of America analyst Wamsi Mohan expressed more cautious expectations for the new model. In a research note, Mohan noted: "We believe the main highlight (of this launch event) will be the introduction of the ultra-thin iPhone 17 Air replacing the existing Plus model. While design innovations have historically driven significant iPhone sales growth, investors maintain more rational expectations regarding the benefits from ultra-thin models."

Despite his cautious stance on the iPhone 17 Air, Mohan reaffirmed his "Buy" rating on Apple stock with a $250 price target.