Wedbush Securities has upped their price target on Apple shares to $185 after Apple reported “drop the mic” March quarter earnings that chief analyst Daniel Ives says backs up the iPhone 12 “supercycle” thesis.
In a note to investors seen by AppleInsider, analyst Daniel Ives characterizes Apple’s Q2 2021 as “one for the record books.” The analyst says Apple crushed Wall Street expectations across the board.
The 17% year-over-year iPhone growth, Ives notes, is further evidence that the iPhone 12 and iPhone 12 Pro “supercycle” is currently playing out.
On the subject of more bearish analysts, Ives says cautious investors will talk about how unsustainable the current growth cycle is. Despite those concerns, the analyst still believes Apple will hit a $3 trillion market valuation within the next 12 months.
In other words, Ives expects Apple’s growth to be sustainable heading into 2022. Along the way, the current iPhone 12 cycle will “hand the baton” to the iPhone 13 in the second half of 2021.
MacDailyNews Take: Yup, as 5G will take a considerable amount of time to build out around the world, this is a multi-year super cycle.
Yes, more than ever, the world needs Apple’s annual iPhone cycle. And we bet the world will get it, too. With “iPhone 5G,” the multi-year Mother of all iPhone Super Cycles will finally be here this autumn! — MacDailyNews, March 27, 2020