Apple’s stock rises toward another record after Wedbush’s Ives sees continued ‘strong’ demand for iPhones
Shares of Apple Inc.
rose 0.3% in premarket trading Friday, putting them on track to open in record territory, after Wedbush’s long-time bullish analyst Dan Ives said underlying demand for iPhones continues to look strong ahead of the launch of the newest version. Ives said checks through the Asia supply chain for the second half of the year continues to indicate iPhone builds at 130 million to 150 million. “The iPhone 13 appears to represent 35%-45% of iPhone builds in Q3, this positive outlook gives us enhanced confidence that 2021’s launch timing will be ‘normal,'” Ives wrote in a note to clients. He believes the iPhone 13 will be launched in the third week of September. Ives said he remains “very bullish” on tech stocks, and Apple’s stock is the best of the bunch. He reiterated the outperform rating he’s had on the stock for at least the past three years and his $185 stock price target, and said he expects Apple’s market capitalization to reach $3 trillion in the next six-to-12 months. The stock, which closed at a record $153.65 on Thursday, representing a market cap of $2.54 trillion, has surged 24.4% over the past three months while the Dow Jones Industrial Average
has gained 2.5%.