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Wedbush Hikes Apple’s PT To ‘Street High’ On iPhone Upgrade Potential
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Wedbush Hikes Apple’s PT To ‘Street High’ On iPhone Upgrade Potential

Wedbush lifted the price target on Apple stock to a ‘Street High’ of $600 (about 19% upside potential) from $515, saying that potential iPhone upgrades represent a “once in a decade” opportunity.

Wedbush analyst Daniel Ives maintained a Buy rating on Apple (AAPL) shares. In a bullish note, Ives said that “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.” The analyst estimates that “roughly 20% of iPhone upgrades will be coming from this [China] region over the coming year.”

Meanwhile, Bloomberg reported that the iPhone maker is trying to reduce its dependence on China and is increasing investment in the South Asian countries. (See AAPL stock analysis on TipRanks).

Earlier this week, Morgan Stanley analyst Kathryn Huberty raised the AAPL’s price target to $520 (2.8% upside potential) from $431 and maintained a Buy rating on the stock, citing more room for upside. Huberty believes that Apple “trades at a discount to both tech platforms and strong consumer brands.”

Currently, the Street has a cautiously optimistic outlook on the stock. The Moderate Buy analyst consensus is based on 24 Buys, 7 Holds, and 2 Sells. Given the stock’s 72% rally year-to-date, the average price target of $444.74 implies downside potential of about 12%.

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