Wedbush analysts Daniel Ives and Strecker Backe remain bullish on Apple’s “5G supercycle thesis” despite the revenue warning issued by the company yesterday.
While trying to gauge the impact of the iPhone miss and potential bounce back in the June quarter will be front and center for the Street, we remain bullish on Apple for the longer term 5G supercycle thesis despite today’s news. — Wedbush analysts Daniel Ives and Strecker Backe
The firm sees the warning as more of a timing issue than an extended supply and demand issue for iPhones.
Wedbush maintains an Outperform rating and $400 target for Apple.
MacDailyNews Take: Apple analysts like Wedbush are right to remain bullish and this coronavirus outbreak is very likely a short term setback for the company and may even prompt Apple to diversify their production in order to avoid issues like this in the future which would even further strengthen the company!