Shares of Apple edged up in premarket trading Thursday, after Wedbush analyst Daniel Ives upped his Apple price target to $425 from $375 and reiterated his outperform rating.
[Ives cited] 5G tailwinds, services momentum, a continues snapback in China and a potential “massive” pent-up iPhone 12 cycle heading into the fall.
“China remains a key ingredient in Apple’s recipe for success as we estimate roughly 20% of iPhone upgrades will be coming from this region over the coming year,” Ives wrote in a note to clients.
He said the normalization in the supply chain, as the recovery from the worst of the COVID-19 effects continues, has been “impressive,” and puts Apple “back in the driver’s seat” to launch the 5G cycle in its typical mid-to-late September timeframe.
MacDailyNews Take: Yes, we can see why Ives’ Apple price target continues to increase. The Mother of all iPhone Super Cycles this way cometh – plus, it’ll be a multi-year affair!
The next ten years are going to be absolutely amazing for Apple. The company has just started to really get going! — MacDailyNews, August 2, 2017
Trillion, schmillion. Over time, Apple will go much higher than that. The company is currently horribly undervalued. – MacDailyNews, March 1, 2018
The greatest company on earth is still wildly undervalued! The march to $2 trillion has begun! — MacDailyNews, August 2, 2018