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Apple Stock Price Touches $450, Wedbush Analyst Raises Target to $515

On Monday, August 10, the Apple Inc (NASDAQ: AAPL) stock price touched $450 ending the first day of the week with 1.45% gains. The Apple stock surged after Wedbush analyst Dan Ives suggested a new target price of $515.

Behind his suggestion, Ives cites a “discernible uptick” in forecasts on the arrival of the upcoming iPhone 12. Interestingly, if it turns out to be true, Apple will become the first public listed company to hit $2 trillion valuations. Since the beginning of 2020, the Apple stock has already surged 50% as of Monday closing.

Previously, Ives gave a target of $480 for the Apple stock. However, this revision in the revised targets comes as Apple strengthens its supply chain in Asia. In his note to clients, Ives wrote:

“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”.

He further added: “Taking a step back we believe iPhone 12 represents the most significant product cycle for Cook & Co. Since iPhone 6 in 2014 and will be another defining chapter in the Apple growth story looking ahead despite a softer consumer spending environment in our opinion.”

Apple looks all set to launch its 5G-enabled iPhone 12 handsets this fall. There will be a U.S. and non-U.S. versions of the upcoming flagship iPhone. The U.S. version of the iPhone 12 5G will most probably offer support to the mmWave technology. Probably, the next-generation 4G iPhone 12 models will be rolling out at a lower price point by early 2021.

Recently, Apple announced its stellar Q2 2020 results with revenues jumping 25.9% to $2.58 per share. Despite the COVID-19 pandemic and the global meltdown, Apple managed to deliver stellar results. Thanks to the timely launch of its affordable iPhone SE 2 earlier this year. The latest iPhone SE has been one of Apple’s hot-selling devices in big markets like China.

On the other hand, with the work-from-home culture rising during the pandemic, Apple registered a major uptick in the sales of iPad and iMac. As per Wedbush, Apple’s Airpod sales will also jump significantly, from 65 million in 2019 to an estimated 90 million in 2020.

Another major revenue stream for Apple is its services business currently pegged at $13.2 billion. Going ahead, Wedbush sees Apple’s services businesses bringing a revenue stream of $60+ billion.

Apple Stock Price Touches $450, Wedbush Analyst Raises Target to $515

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