Apple is seeing “stellar” demand for its iPhone 13 around the world and there are “discernible” improvements with global supply chain issues induced by COVID lockdowns, according to Wedbush Securities analyst Daniel Ives.
Chris Ciaccia for Seeking Alpha:
Ives, who rates Apple outperform and a $200 price target, noted that these improvements bode well not only for the upcoming June quarter, but the next iPhone release as well. The recently announced iPhone SE with 5G capability is likely to sell roughly 30 million units, adding to a “monster product cycle” for the company, the strongest since 2015, Ives added.
“Taking a step back, while the risk off dynamic in the market has been front and center for tech investors with Apple’s stock also under pressure thus far in 2022 along with other tech stalwarts, we believe the company is setting up for a monster growth cycle over the next 12 to 18 that is not baked into shares at current levels,” Ives wrote in a note to clients.