Apple is expected to beat analysts’ consensus expectations for Q121 this week, according to Wedbush analyst Daniel Ives who on Monday upped his Apple price target to $175 from $160.
Analyst Daniel Ives, who keeps an outperform rating on the stock, said in a note to investors that Wall Street “is anticipating robust results from Apple on Wednesday after the bell with Cupertino expected to handily beat Street estimates across the board.”
The analyst also raised his bull case price target to $225 from $200.
“Based on our Asia supply chain checks,” Ives said, “we strongly believe the iPhone 12 supercycle hype has become a reality with this week giving the Street its first glimpse of underlying iPhone 12 demand and key commentary from CEO Tim) Cook looking ahead into the next few quarters.”
Apple is scheduled to report quarterly results on Wednesday. The company is expected by analysts to report adjusted net income of $24.5 billion, or $1.41 a share, on sales of $102.8 billion.
MacDailyNews Take: May that Apple bull case price target go from Daniel’s lips to Mr. Market’s ears in record time!
As always, we will bring you Apple’s earnings results as soon as they are made available – just check our home page right around 4:30pm EDT on January 27th. We’ll also cover Apple’s conference call with live notes, as usual. That link will appear on our home page around 4:45pm EDT that same day.