By
Godfrey Benjamin
March 22nd, 2024
Wedbush analyst Dan Ives remains optimistic about the launch of the upcoming iPhone 12 5G which will likely give a major boost to Apple’s revenue stream. He calls the upcoming iPhone flagship as a “defining chapter” in the Apple growth story.
On Monday, August 10, the Apple Inc (NASDAQ: AAPL) stock price touched $450 ending the first day of the week with 1.45% gains. The Apple stock surged after Wedbush analyst Dan Ives suggested a new target price of $515.
Behind his suggestion, Ives cites a “discernible uptick” in forecasts on the arrival of the upcoming iPhone 12. Interestingly, if it turns out to be true, Apple will become the first public listed company to hit $2 trillion valuations. Since the beginning of 2020, the Apple stock has already surged 50% as of Monday closing.
Previously, Ives gave a target of $480 for the Apple stock. However, this revision in the revised targets comes as Apple strengthens its supply chain in Asia. In his note to clients, Ives wrote:
“While the soft macro and COVID backdrop are weighing on near-term consumer demand trends, Apple has a “once in a decade” opportunity over the next 12 to 18 months as we estimate roughly 350 million of Cupertino’s 950 million iPhones worldwide are in the window of an upgrade opportunity”.
He further added: “Taking a step back we believe iPhone 12 represents the most significant product cycle for Cook & Co. Since iPhone 6 in 2014 and will be another defining chapter in the Apple growth story looking ahead despite a softer consumer spending environment in our opinion.”