Wedbush analyst Daniel Ives raised the firm’s price target on Apple to $220 from $205 and keeps an Outperform rating on the shares. Recent Asia supply chain checks provide incremental confidence that the upcoming iPhone 15 product cycle “could be another trophy case moment” for Apple, the analyst tells investors in a research note. The firm says units and average selling prices could easily surpass current Street expectations heading into the “mini super cycle” iPhone release set to play out over the next year. Wedbush increased the price target to reflect increased confidence in the upcoming iPhone cycle and reiterates Apple as “Best Ideas List” name. The firm estimates roughly 250M iPhones have not been upgraded in over four years, setting Apple up for a “major installed base upgrade cycle heading into this anniversary 15 year release.”
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