Wedbush technology analyst Daniel Ives says his analysis confirms strong demand for Apple’s iPhones, which overshadows supply concerns.
Shares of Apple gained ground Thursday toward yet another record, to buck the broad weakness in large-capitalization technology stocks, after Wedbush analyst Dan Ives said his analysis indicates demand for iPhones is currently outstripping supply.
He reiterated the outperform rating he’s had on Apple’s stock for at least the past three years, and kept his price target $200.
Wedbush’s Ives said that while various media reports have focused on supply shortages, his checks on Apple stores, supply chain data and iPhone order delays indicates iPhone demand continues to be much stronger than expected. And he believes it is this demand, rather than supply shortages, that will drive the stock going forward.
Not only does Ives believe that the chip issues some investors have worried about are “transitory,” he believes investors have underestimated the pent-up demand that will drive a “massive product cycle” that is playing out across the entire hardware ecosystem.
MacDailyNews Take: The Mother of All iPhone Supercycles™ is a multi-year cycle in which we’re barely one year in.
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To the moon, here we come $225 🚀🚀🚀