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Tuesday, October 27, 2020

Apple gets new street-high target as 5G iPhone boost seen

2019 has been Tim Cook’s “finest hour,” Ives wrote, praising the chief executive’s navigation of China growth struggles.

By: Bloomberg | December 24, 2019 8:21:37 pm
apple growth, apple iphone growth, apple sales Shares of Apple rose as much as 1.1 per cent and were on track for a record-high close. (Image: Bloomberg)

Apple Inc’s first batch of 5G-enabled iPhones will “open up the floodgates” on device upgrades, Wedbush Securities Inc. predicted, awarding the company’s stock with a new Street-high price target. Shares of Apple rose as much as 1.1 per cent and we’re on track for a record-high close.

About 350 million iPhones within the Cupertino, California-based company’s 900 million installed user base are currently in the window of an upgrade opportunity, analyst Dan Ives wrote in a note to clients on Monday. Apple’s first 5G-enabled phones are expected to be released in September.

apple growth, apple iphone growth, apple sales Analysts can’t keep up with Apple’s growth. (Image: Bloomberg)

The analyst reiterated his outperform rating while lifting his price target to $350 a share from $325, the highest among 49 analysts surveyed by Bloomberg and indicating a 25 per cent upside from Friday’s closing price.

Apple iPhone 12 sales will skyrocket in 2020, thanks to 5G support

2019 has been Tim Cook’s “finest hour,” Ives wrote, praising the chief executive’s navigation of China growth struggles while settling the firm’s long-standing lawsuit with Qualcomm Inc and bringing to market the iPhone 11. The “historic” year will serve as a launch pad for 2020 to be the “year of an iPhone supercycle,” he added.

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