(Updated - January 25, 2021 6:53 AM EST)

Wedbush analyst Daniel Ives raised the price target on Apple (NASDAQ: AAPL) to a 'Street High $175.00 (from $160.00) while maintaining an Outperform rating as he expects the tech giant to report “eye-popping” sale numbers for its flagship iPhone smartphone.

The analyst takes note of the high expectations from Apple’s quarterly earnings that are due on Wednesday. The company is expected to “handily beat Street estimates across the board.”

“Based on our Asia supply chain checks, we strongly believe the iPhone 12 supercycle hype has become a reality with this week giving the Street its first glimpse of underlying iPhone 12 demand and key commentary from Cook looking ahead into the next few quarters. With more order activity kicking in over the last few months for iPhone 12 our reads are very bullish for the March/June quarters and give us incremental confidence in our supercycle thesis on iPhone 12,” Ives wrote in today’s note sent to clients.

The latest data from Asia shows that the supply chain witnessed low-to-mid 90 million iPhone unit builds for the December quarter. This is higher than the latest checks from December, which showed an 80 million range.

“We have not seen a launch uptrend such as this in a number of years for Apple and the only iPhone trajectory similar would be the iPhone 6 in 2014 based on our analysis,” Ives added.

The consensus for iPhone sales is 220 million for the full-year, but Ives said that a robust quarter could pave the way for the tech giant to sell more than 240 million units.

“With our estimation that 350 million of 950 million iPhones worldwide are currently in the window of an upgrade opportunity, we believe this will translate into an unprecedented upgrade cycle for Cook & Co. and represents a "sweep the leg" moment against the lingering bear camp,” he adds.

If Apple continues to execute at this pace, a $3 trillion+ market cap could be on the horizon over the 12 months, Ives adds. The analyst also raised the bull-case price target on AAPL to $225.00 per share from $200.00.