Wedbush analyst Dan Ives on Wednesday increased his price target on Apple stock to $190 from $180 and maintained his “Outperform” rating on the stock as demand for Apple iPhones is clearly rebounding in China after the CCP’s quixotic, failed “Zero COVID” response lockdowns have finally been phased out, the analyst says.
The longtime Apple bull wrote in a research note Wednesday that demand has rebounded in China following a weak December. Beijing rolled back the country’s strict zero-Covid 19 lockdowns lockdown policy early that month.
“Our Asia iPhone supply chain checks this week have been incrementally more positive with a modest uptick in demand coming out of China for Apple with a clear demand rebound happening in this key region post December despite the uncertain macro backdrop,” Ives wrote…
[B]oth iPhone and China sales were down from the prior year as the company faced significant production challenges in China, including Covid-19 lockdowns and worker protests…
Looking ahead, Ives is confident that demand is strong and says that there are “no major unit cuts from suppliers in Asia around iPhone production yet, which is a good sign that shows a steady demand curve on the flagship iPhone 14 Pro in March/June.”
MacDailyNews Take: Should bode well for Apple’s stock price.
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Crystal clear sell signal. Bait and bury.