(Updated - November 15, 2019 7:19 AM EST)

(updated to add analyst comments)

Wedbush analyst Daniel Ives raised the price target on Apple (NASDAQ: AAPL) to a 'Street High' $325.00 (from $300.00) while maintaining a Outperform rating.

Ives commented, "While shares of Apple are up 65%+ year to date, we believe the tech stalwart is still in the midst of a renaissance of iPhone growth heading into 2020 that will further catalyze the stock higher as it gets re-rated from the Street. Apple continues to be one of our favorite tech names heading into the next 12 to 18 months as the combination of a “super cycle“ demand driver between iPhone 11/5G lineup of smartphones and a robust ~$60 billion services platform by FY21 will be the linchpins of the Apple growth story and stronger fundamental outlook looking ahead and thus command a higher multiple from current levels in our opinion."

The analyst continues to believe service is the next leg of growth for Apple. He thinks Apple and Disney+ could displace roughly 10%+ of Netflix's installed base and it could be disrupted/higher churn by these two stalwarts entering the streaming landscape. "If Apple executes with minimal speed bumps and aggressively acquires content given the company’s massive installed base and unmatched brand loyalty we believe reaching the 100 million subscriber number in the medium term (3-4 years) is a realistic goal that could translate into a $7 billion to $10 billion annual revenue stream over time," he said.

Ives also believes that any trade deal with China would remove an overhang on this name.

He continues to believe iPhone units could exceed 190 million for FY20 based on the demand trajectory they have been seeing in the field.