Apple (AAPL) Could See Upside to $400 on Jaw Dropping Peripheral Momentum - Wedbush

Wedbush analyst Daniel Ives reiterated an Outperform rating and $350.00 price target on Apple (NASDAQ: AAPL) but sees upside to $400 after iPhone 11 checks over the last week look robust coupled with "jaw dropping" AirPods momentum. The analyst believes this will lead to clear upside in the upcoming FY1Q/Dec quarter as well as strong March guidance.

The analyst stated "Many investors are asking us: Is all the good news baked into shares after an historic upward move over the last year and into early this year? The answer from our vantage point is a resounding NO, as we view only the first part of this massive upgrade opportunity leading to a transformational 5G "super cycle" with 200 million to 220 million iPhone units now the new line in sand for demand based on our recent Asia supply chain checks. Coupling this dynamic with a metamorphosis-like valuation re-rating by the Street around the company's $50 billion+ annual services revenue stream is the 1-2 punch to how we ultimately see a stock in the bull case $400 valuation by year-end".

For an analyst ratings summary and ratings history on Apple click here. For more ratings news on Apple click here.

Shares of Apple closed at $315.90 yesterday.

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