Apple CEO Tim Prepare dinner gestures after opening the newly renovated Apple Retailer at Fifth Avenue on September 20, 2019 in New York Metropolis
Apple CEO Tim Prepare dinner gestures after opening the newly renovated Apple Retailer at Fifth Avenue on September 20, 2019 in New York Metropolis.
Kena Betancur | AFP | Getty Photographs
Is Apple due for a pullback after its almost 90% surge final yr? Longtime expertise analyst Dan Ives would not imagine so.
In reality, the Wedbush analyst mentioned 2019 was just the start section of a “transformational 5G tremendous cycle,” whereas the demand for iPhone 11 has been stronger than anticipated. Ives now sees a “bull case” of $400 for Apple’s inventory by year-end, an almost 35% climb from right here.
“IPhone 11 power seems to have legs each within the US and China as put in base demand continues to look wholesome into the March/June quarters with the drumroll into the extremely anticipated 5G improve cycle in September,” Ives mentioned.
Shares of Apple rallied a whopping 86% in 2019, posting their greatest yr since 2009 and single-handedly contributing greater than 8% of the S&P 500’s complete returns within the yr. Ives is the largest Apple bull on Wall Avenue with the best worth goal of $350 amongst 44 analysts overlaying the inventory, in response to FactSet.
Of an estimate of 925 million iPhones worldwide, roughly 350 million of them are within the “window of an improve alternative” into 5G and new fashions, he mentioned.
“We imagine Cupertino has a singular alternative to seize this tremendous cycle alternative with a significant…