Wedbush raises Apple price target to to $425

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.

Apple price target. Image: iPhone 12 render (image via
iPhone 12 render (image via

Tomi Kilgore for MarketWatch:

[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

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