4 Jun
by Vitaliy Dadalyan
Apple Inc. (NASDAQ: AAPL) has weathered the economic impact of the novel coronavirus pandemic in a "Jacques Cousteau-like fashion," and the consumer electronics company could become the first to cross $2 trillion in market valuation by the end of 2021, according to Wedbush.AAPL Rating, Price Target Wedbush analyst Daniel Ives maintained an outperform rating and increased its price target from $350 to $375. Ives upgraded its bull case for AAPL shares from $400 to $425.'Major 5G cycle on the horizon' For Apple Wedbush said in an analyst note on Thursday that Apple is best set to benefit from the growth of 5G standard for cellular networks, alongside a growth in its services business.The analysts reiterated their stance that about 350 million iPhones are in the "window of an upgrade opportunity," meaning iPhone users who are looking to upgrade to a later version of the device."[We] believe Cupertino has a unique opportunity to capture this delayed super cycle opportunity with a major 5G cycle on the horizon which will include a host of new smartphone versions/models for iPhone 12," Wedbush noted.China will remain a key market for Apple, accounting for about 20% of these iPhone upgrades over the next year, as per Wedbush.Wedbush maintained that the iPhone 12 with a "mix of 4G/5G" is likely to be launched ahead of the holiday season in October.Apple's services business is set to exceed $60 billion revenue for the current financial year, as demand is projected to spike in the coming months, Wedbush said. It gave a valuation between $500 billion to $650 billion to the segment.The sales of the Cupertino-based company's wireless Bluetooth earbuds Airpods should also come near an "eye popping" 85 million units, compared to the 65 million last year, according to Wedbush.AAPL Price Action Apple shares closed about 0.9% lower at $322.32 on Thursday and inched further lower at $322.10 in the after-hours session.Latest Ratings for AAPL DateFirmActionFromTo Jun 2020Morgan StanleyMaintainsOverweight May 2020B of A SecuritiesMaintainsBuy May 2020Deutsche BankMaintainsBuy View More Analyst Ratings for AAPL View the Latest Analyst RatingsSee more from Benzinga * Why Genius Brands Is On A Massive Rally, Adding Nearly 2500% Value In A Month * Warner Music Set To Go Public Today, In Anticipated Largest US IPO Of The Year * Peloton Makes Its Fitness App Available On Apple TV After Pandemic Demand Surge(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
