“Apple will surge 40% in the next 12 months, according to Dan Ives of Wedbush,” Heidi Chung reports for Yahoo Finance.

“The firm initiated coverage of Apple with an Outperform rating and added the tech giant to its Best Ideas List,” Chung reports. “Ives also slapped a $310 price target on the stock, making him the biggest Apple bull on Wall Street. The average price target on Apple is currently $235.91, according to analysts polled by Bloomberg.”

Chung reports, “The firm’s bullish outlook centers around the expectation that Apple will sell more iPhones than Wall Street has been projecting and that the services business will ramp up.”

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MacDailyNews Take: A 40% increase would bring Apple’s valuation into the $1.5 trillion range!