Wedbush raised its Apple stock price target $190 to $205 on strong iPhone demand and maintained its “Outperform” rating.
According to a note to investors seen by AppleInsider, Wedbush cited iPhone demand and Apple’s growing market share as the reason for the raise.
“While Apple clearly has benefited this quarter from December unit shortages that slipped into January/February, we have seen China iPhone demand in particular see a clear tick up this quarter with a strong month of March and is music to the ears of investors,” writes Wedbush.
“With the highly anticipated anniversary edition iPhone 15 set to be launched in the September timeframe the baton handoff from iPhone 14 to iPhone 15 looks to be a steadier transition’ than some other peak to valley iPhone cycles of the past,” the analysts continued.
In addition to growing iPhone sales, Apple is poised to benefit from reignited growth in its services.
“Apple’s Services business should reaccelerate over the coming quarters back to a double digits trajectory,” said Wedbush.
“We believe overall the Services business is worth $1.2 trillion to $1.3 trillion for Apple’s sum-of-the parts valuation…and remains an underappreciated asset by the Street with many naysayers still not believers in the ‘new Apple valuation’ reset.”
