Wedbush ups Apple price target to $350

On Tuesday, Wedbush Securities analyst Daniel Ives upped his Apple price target from $335 to $350. Ives believes the rollout of the iPhone 12 this fall should “start the road to recovery” for Apple.

Wedbush Apple price target. Image: iPhone 12 design
Apple’s rumored iPhone 12 design

M. Corey Goldman for TheStreet:

The 5G-enabled iPhone 12, which is expected to come in a more squared-off frame with more screen space and new features including a LIDAR-enabled camera, is “the light at the end of tunnel” for Apple, and should help propel sales in the final quarter of the year and into 2021.

“We have further confidence that the eye of the storm is in the rear-view mirror for Apple from both a demand and supply chain perspective,” Ives said, adding that he and his team see strong pent-up demand for consumers “currently in the window of an upgrade opportunity.”

“Currently we estimate that (around) 350 million of Apple’s 925 million iPhones worldwide are in this upgrade window, as we model going forward in a more draconian scenario that minimal new smartphone activity takes place in the coming quarters,” Ives wrote.

MacDailyNews Take: An Apple price target of $350 may prove conservative — it’s only a mere $34 higher than the current APPL price today!

2020 looms large with the Mother of all Super Cycles, thanks to iPhone 5G. — MacDailyNews, June 18, 2019 (on which date AAPL closed at $197.11)

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