Because Wall Street is underestimating strong iPhone demand and the “magnitude of the 5G upgrade cycle,” Wedbush analyst Daniel Ives has upped his Apple price target to $400 from $350.
Ives is upbeat after a visit to Asia, where he says iPhone suppliers appear to be doing well, implying customers want to buy. He added that AirPods demand is “jaw dropping,” and he expects upbeat results next week and strong March guidance.
“While the stock has had a massive rally over the past year and thus far in 2020, we continue to believe this is a ‘must own’ stock into what we would characterize as a transformational 5G supercycle over the next 12 to 18 months with Apple being our favorite 5G play,” said the analyst who has been pounding the table over Apple’s fortunes lately.
MacDailyNews Note: Earlier today, Apple shares set a new all-time intraday mark of $323.32, but they’re since settled to $320.55, up $1.32 (+0.41%) over yesterday’s all-time record close of $319.23.