The Apple (NASDAQ:AAPL) price target was raised to $220 from $205 at Wedbush on Wednesday, with analysts maintaining an Outperform rating on the stock.
They told investors in a note that Apple holds a “massive position of strength” heading into the iPhone 15 cycle.
“Our recent Asia supply chain checks give us further incremental confidence that this upcoming iPhone 15 product cycle could be another trophy case moment for Cupertino kicking off this Fall with expected units and ASPs that could yet another easily surpass current Street expectations heading into next ‘mini super cycle’ iPhone release set to play out over the next year,” the analysts wrote.
“Based on our current analysis, we estimate roughly 250 million iPhones have not been upgraded in over 4 years and sets Apple up for a major installed base upgrade cycle heading into this anniversary 15-year release.”
The analysts declared that Apple is “playing chess, while others play checkers,” and they believe “Apple’s fair valuation could be in the $3.5 trillion range with a bull case $4 trillion valuation by FY25.”
