Apple (AAPL) PT Raised to 'Street High' $425 at Wedbush; 'we now believe the iPhone 12 will be in late September'

June 16, 2020 6:23 AM

Wedbush analyst Daniel Ives raised the price target on Apple (NASDAQ: AAPL) to a 'Street High' $425.00 (from $375.00) while maintaining an Outperform rating.

Ives commented, "Our recent TMT Asia checks over the last week give us increased confidence in the timing and pent up demand around Apple's much anticipated iPhone 12 product cycle heading into this Fall. While we were hearing of some delays over the past few months that would have pushed this key product cycle into the October/November timeframe, we now believe the iPhone 12 will be in late September with the smartphones ready to hit the shelves globally in early October."

The analyst is also bullish into the virtual WWDC conference kicking off next week on Monday, June 22.

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