Analyst: Apple remains a top tech stock to own

Apple “remains a top tech name to own,” Wedbush analyst Daniel Ives said as he reiterated an outperform rating and $185 share-price target on AAPL shares.

Apple Park in Cupertino, California
Apple Park in Cupertino, California

Rob Lenihan for TheStreet:

“Our favorite large-cap tech name to play the 5G transformational cycle is Apple,” Ives said in a research note, “with the 1-2 punch of its massive services business and iPhone product cycle translating into a $3 trillion market cap for Cupertino in the next 6 to 12 months.”

Ives said that the current iPhone 13 launch is slated for the third week in September and reportedly will have at least three new camera and video-recording elements

“From a spec perspective,” Ives said, “we have increased confidence that iPhone 13 will have an eye-popping 1-terabyte storage option which is double from the highest Pro storage capacity today (512GB) and will also include a number of key enhancements with Lidar across all iPhone 13 models.”

MacDailyNews Take: Ive also wrote that there is a massive pent-up demand within Apple’s installed base of iPhone users with roughly 250 million of the current 975 million iPhones not having upgraded in over 3.5 years.

The Mother of All iPhone Supercycles™ will roll on for years!

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