iPhone 11, iPhone 11 Pro, iPhone 11 Pro MaxTodd Haselton | CNBCJ.P. Morgan raised its price target on Apple’s stock Monday, expecting the company’s shares will rise 21% as sales of its new line of iPhone are “stronger than muted expectations.””We are modestly raising our iPhone volume forecasts and expect investor sentiment on AAPL shares to improve materially given the firm’s ability to drive upward revision to volume expectations despite the 2019 product cycle largely considered to be a muted one,” J.P. Morgan analyst Samik Chatterjee said in a note to investors.J.P. Morgan raised its price target on Apple to $265 a share from $243 a share. The firm has an overweight rating on the stock.Apple shares rose 2.4% in trading to close at $223.97 a share.J.P. Morgan forecasts 1 million more iPhone sales than it previously expected during the current quarter, plus 3 million more iPhone sales than expected in the final quarter of the calendar year.”In addition to a raise in volume expectations for 2019 product cycle, we are also increasing calendar 2020/2021 volume expectations led by stronger adoption of 5G enabled iPhones expected to be launched in September 2020 — all of which leads to stronger underlying revenue forecasts and will drive high investor confidence in the sustainability of revenue growth even in the backdrop of a mature smartphone market,” Chatterjee said.J.P. Morgan expects Apple will sell 198 million iPhones with 5G service in 2020 and 200 million in 2021.– CNBC’s Michael Bloom contributed to this report.