Apple shares rally after Wedbush’s Ives raises price target to $ 515

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Actions d’Apple Inc. AAPL,
-2,27%
Wedbush analyst Dan Ives raised his price target to a high of $ 515 from $ 475 by 1.2% on Monday, citing a “noticeable rise” in forecasts for the next iPhone 12. He said the rise bode well for demand trends. with the approach of this launch in October “super cycle”. He maintained his outperformance rating, while setting a new bull case target of $ 600. Ives’ price target is now the highest among 41 analysts surveyed by FactSet, above the second place of $ 510, by Shanghai lead analyst Xiao Yu Han. Ives’ target is 15.9% above Friday’s closing price of $ 444.45 and 22.1% above FactSet’s average target of $ 421.75. “As the mild macroeconomic backdrop and COVID weigh on short-term consumer demand trends, Apple has an opportunity ‘once a decade’ over the next 12-18 months, as we estimate that around 350 million of Cupertino’s 950 million iPhones worldwide are in the window of an upgrade opportunity, ”Ives wrote in a note to customers. The stock has climbed 51.4% year-to-date through Friday, while the Dow Jones Industrial Average DJIA,
+ 0,17%
slipped 3.9%.

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