Wedbush Ups Apple Price Target To Street-High $600 Before 'Transformational' iPhone Cycle - Benzinga

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Apple Inc.'s (NASDAQ: AAPL) iPhone super cycle continues to inspire confidence for Wedbush, which set a Street-high price target Wednesday for shares of the company.

The Apple Analyst: Daniel Ives maintained an Outperform rating on Apple shares and lifted the price target from $515 to $600. 

The Apple Thesis: Apple's iPhone 12 represents the most significant product cycle for the company since the iPhone 6 in 2014, Ives said in a note. (See his track record here.)

The tech giant is seeing considerable strength in the China region over the last few months, and this impressive trajectory is likely to continue heading into the next six to nine months, the analyst said. 

The WeChat ban is unlikely to disrupt Apple's iPhone ecosystem in the key Chinese market, he said. 

Many on the Street are grossly underestimating the massive pent-up demand around the iPhone super cycle, Ives said.

This cycle remains the opportunity heading into 2021 as monetization shifts into the next gear, the analyst said. 

The Services business will be a $60-billion-plus annual revenue stream in 2021, underlining the company's ability to further monetize its golden installed base, Ives said. 

"We maintain our Outperform rating with Apple being our favorite name to play the 5G theme and strongly believe a further re-rating of Apple's stock is on the horizon as Cupertino heads into this transformational iPhone product cycle." 

AAPL Price Action: Apple shares were trading 0.34% higher at $500.99 at last check Wednesday. 

Related Links:

Apple Analysts See 'Once In A Decade' Opportunity Ahead Of iPhone 'Supercycle'

Apple's Direct E-Commerce Store Could Launch In India As Soon As September

Photo courtesy of Apple. 

Latest Ratings for AAPL

Date	Firm	Action	From	To
Aug 2020	Cowen & Co.	Maintains		Outperform
Aug 2020	Wedbush	Maintains		Outperform
Aug 2020	Morgan Stanley	Maintains		Overweight

View More Analyst Ratings for AAPL
View the Latest Analyst Ratings

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August 26, 2020 at 09:23PM
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Wedbush Ups Apple Price Target To Street-High $600 Before 'Transformational' iPhone Cycle - Benzinga

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