Apple Inc. (AAPL:NSD) Wedbush Lifts Target on iPhone Sales

Analyst Coverage Change

AAPL Ratings by Stock Target Advisor

Wedbush Securities(RANK#32) has raised the price target on Apple (NASDAQ:AAPL) stock from $180 to $190, reflecting positive Asia checks on iPhone demand. The investment bank has also reaffirmed its Outperform rating and Apple’s place on its Best Idea List.

According to Wedbush analysts, Asia checks on iPhone demand were positive, signaling a moderate uptick in China demand. The months of January and February, as well as early indications around March, are steady on the iPhone front for Cupertino globally, which is a stark contrast to what we saw in the supply-constrained December quarter due to zero COVID China issues. The firm also noted that roughly 25% of iPhone owners haven’t upgraded their iPhones in over 4 years, which could bode well for the upcoming anniversary edition iPhone 15 set to be launched in the September timeframe.

Wedbush analysts further noted that Apple could witness an acceleration in its Services business next year, projecting that the Service business alone is worth $1.2 trillion-$1.3 trillion. They highlighted several near-term catalysts for Apple, including the Glass-AR/VR headset launch, hardware subscription plan, more services bundling options, and some new hardware launches on the Mac product.

Moreover, Apple is reportedly bumping up towards a roughly $900 ASP on iPhones, which is a noteworthy trend heading into the next iPhone cycle. The company’s golden installed base is creating more stability in this uncertain macro environment, and it remains key to Wedbush’s bullish thesis.

Overall, Wedbush remains bullish on Apple’s long-term prospects, and the investment bank sees the recent positive Asia checks on iPhone demand as a good sign for the company’s growth. While the market continues to face volatility and uncertainty, Apple has remained a steady performer, and Wedbush sees the company’s strong fundamentals and growth prospects as reasons to remain bullish on the stock.

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