Shares of Apple Inc. AAPL,
They rose 1.1% in premarket trading on Monday after Wedbush analyst Daniel Ives raised his price target on the stock to $ 450 from $ 425. His new target is the highest among those tracked by FactSet. Ives wrote that Apple may be the first company to get a $ 2 trillion valuation in 2021 fueled by momentum from the company’s upcoming iPhones. The company will debut its first 5G-enabled devices later this year, and Ives sees room for a “massive roll-out of the iPhone 12 cycle,” specifically in China but also worldwide, with many older devices for updates. “We believe that in China alone, between 60 million and 70 million iPhones are in the window of an upgrade opportunity over the next year with Apple aggressively going to all price points (SE, iPhone 12) to consolidate its installed base to despite the competitive pressures of the national players, “he wrote. Ives saw a “continuing decline in demand in China” during June. It has a superior performance rating on stocks, which have added 40% in the last three months as DIA Jones Industrial Average DJIA,
It has gained 11%.
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