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  4. Apple Stock Earns a New Street-High Price Target at Wedbush on iPhone 2023 Cycle
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Apple Stock Earns a New Street-High Price Target at Wedbush on iPhone 2023 Cycle

By Senad Karaahmetovic A Wedbush analyst raised the price target on Apple (NASDAQ:AAPL) to $220 per share, from the prior $200, which is a new Street-high. The analyst, also known...
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Apple Stock Earns a New Street-High Price Target at Wedbush on iPhone 2023 Cycle © Reuters Apple Stock Earns a New Street-high Price Target at Wedbush on iPhone 2023 Cycle

By Senad Karaahmetovic

A Wedbush analyst raised the price target on Apple (NASDAQ:AAPL) to $220 per share, from the prior $200, which is a new Street-high.

The analyst, also known as a big tech bull, said checks showed demand is “holding up firm” as Apple prepares to launch iPhone 14 in the fall.

“We believe the initial order for 90 million iPhone 14 units out of the gates has stayed firm and will be roughly flat with iPhone 13 despite the macro storm clouds,” the analyst said in a client note.

Wedbush analysts estimate that almost 25% of 1 billion iPhone users globally are yet to upgrade their phones.

“We believe Apple is expecting another heavy iPhone Pro and Pro Max mix shift which is a clear positive for ASPs heading into FY23. While the base iPhone will stay at the same price we believe a $100 price increase on the iPhone 14 Pro/Pro Max is likely in store given component price increases as well as added functionality on this new release,” the analyst added.

The analyst also believes that Apple is witnessing a better situation from a supply perspective. This will help the Cupertino-based titan ramp up iPhone deliveries with the analyst seeing 220 million iPhone units in FY23 as a “low bar” for the company to beat.

“Apple remains our favorite tech name as we reiterate our OUTPERFORM rating,” the analyst concluded.

Earlier today, a Credit Suisse analyst upgraded Apple shares to Outperform from Neutral with a $201 target price.

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01-05-2024 10:45:17 (UTC+7)

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-0.0008 (-0.07%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (3)

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1.0658

-0.0008 (-0.07%)

Summary

↑ Sell

Moving Avg:

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Sell (12)

Indicators:

Buy (2)

Sell (3)

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-0.0015 (-0.12%)

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Moving Avg:

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157.91

+0.12 (+0.07%)

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↑ Buy

Moving Avg:

Buy (12)

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Indicators:

Buy (9)

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0.6469

-0.0003 (-0.05%)

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Moving Avg:

Buy (10)

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Indicators:

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1.3780

+0.0003 (+0.03%)

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0.9808

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4,920.55

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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