Apple (AAPL) PT Raised to 'Street High' $160 at Wedbush; Sets $200 Bull Case on Major Holiday Tailwinds
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Wedbush analyst Daniel Ives raised the price target on Apple (NASDAQ: AAPL) to a 'Street High' $160.00 (from $150.00) and set a Bull Case target of $200 (up from $175) citing "major" holiday tailwinds. The analyst maintained an Outperform rating on the stock.
Ives commented, "Our recent Asia checks continue to be bullish around iPhone 12 demand both domestically and in China. In the US we are seeing "a clear tick up" for demand around the iPhone 12 Pro versions with the 6.1-inch model the star of the show so far with carrier trade-ins/promotions catalyzing upgrades into the holidays. The Pro Max model is also seeing very strong demand out of the gates which bodes well for ASPs heading into FY21 for Apple on the iPhone 12. For the key China region, demand remains very healthy with strong pent up demand for upgrades heading into holiday season for this latest iPhone 12 5G, which we would characterize as the strongest product cycle for Cook & Co. thus far since iPhone 6 in 2014."
"With 5G now in the cards and roughly 40% of its "golden jewel" iPhone installed base not upgrading their phones in the last 3.5 years, Cook & Co. have the stage set for a supercycle 5G product release," Ives added. "Given our increased confidence in the Apple supercycle thesis we are raising our price target from $150 to $160, while establishing a new bull case of $200 vs. our prior $175 bull target."
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