Apple, Inc. (NASDAQ:AAPL) has been one of the laggards among the Magnificent Seven stocks since 2023, but a bullish analyst said Sunday the company can soon turn things around.
The Apple Analyst: Wedbush analyst Daniel Ives has an “Outperform” rating and a $250 price target for Apple shares.
The Apple Thesis: New Asia supply chain checks show a “clear stabilization” demand in China, with iPhone units expected to show “incremental growth,” said Ives in a note. This validates the analyst’s prediction of the iPhone 15 triggering an upgrade cycle that surpasses Street expectations.
Investors reacted negatively to Apple’s quarterly results released in early February, as the China region reported a year-over-year revenue decline.
The analyst now expects iPhone unit sales of 225 million to 230 million units for this year and the average selling price of its flagship device to exceed $900, given the product mix shift moving toward the two high-end models.
The stock recovery seen since the earnings is due ...