Shares of Apple Inc. AAPL,
up 1.2% in pre-market trading on Monday, after Wedbush analyst Dan Ives raised his price target to a Street high of $ 515 from $ 475, citing ” The clear increase “in the forecast for the upcoming iPhone 12 will enter the” super cycle “launch this October. He kept his ratings at the better, while setting a new “bullish case” goal of $ 600. Ives’ price target is currently the highest among 41
analysts surveyed by FactSet, above second place at $ 510, from First Shanghai analyst Xiao Yu Han. Ives’s target is 15.9% higher than Friday’s closing price of $ 444.45 and 22.1% higher than FactSet average target of $ 421.75. “Although the soft macro and COVID landscape are weighing on short-term consumer demand trends, Apple has a” once in a decade “opportunity in the next 12 to 18 months as we estimate. about 350 million of Cupertino’s 950 million iPhones worldwide. in the window of upgrade opportunities, “Ives wrote in a note to customers. Shares are up 51.4% year-to-date, while Dow Jones Industrial Average DJIA,
has slipped 3.9%.