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Wedbush Reiterates Outperform Rating on Apple (AAPL)

October 4, 2019 7:59 AM

Wedbush analyst Daniel Ives reiterated an Outperform rating and $245.00 price target on Apple (NASDAQ: AAPL) following reports that the company is increasing their production of the iPhone 11 by up to 10% or 8 million units. This is in line and consistent with Asia checks earlier this week as Wedbush's TMT team continues to pick up robust data points across the supply chain around this latest flagship iPhone upgrade cycle.+

Ives continue to believe China as a region is currently one of the main catalysts of demand for the iPhone 11 and is tracking roughly 20% ahead of plan, which is a surprise to many investors in light of the current UFC trade battle between the US and China with pro Huawei and competitive worries abound.

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 $224.10 yesterday.

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