Shares of Apple Inc. AAPL,
rose 1.2% in premarket trading Monday after Wedbush analyst Dan Ives raised its price target to a street high of $ 515 from $ 475, citing a “discernible uptick” in forecasts for the upcoming iPhone 12. He said that uptick was good for question trends indicates en route to this “supercycle” October launch. He kept his rating at better performance while setting a new $ 600 “bull case” goal. Ives’ price target is now the highest among the 41 analysts surveyed by FactSet, above second place $ 510, by First Shanghai analyst Xiao Yu Han. Ives’ target is 15.9% above Friday’s closing price of $ 444.45, and 22.1% above the FactSet average target of $ 421.75. “While the soft macro and COVID background weighs on near-term trends for consumer demand, Apple has a ‘once in a decade’ chance over the next 12 to 18 months, as we roughly estimate 350 million of Cupertino’s 950 million iPhones worldwide in the window of an upgrade opportunity, ”Ives wrote in a note to customers. The stock is up 51.4% year-on-year until Friday, while the Dow Jones Industrial Average DJIA,
is 3.9% lower.
.
