Shares of Apple Inc. AAPL,
rallied 1.2% in pre-trading on Monday as analyst Wedbush Dan Ives raised his price target to a high of $ 515 from $ 475, citing a “noticeable uptick” in forecasts for the upcoming iPhone 12. He said the uptick boosts well for demand trends by heading to this October launch of the “super cycle”. He kept his rating at the highest levels while setting a new $ 600 “bull” target. Ives price target is now the highest among 41
analysts surveyed by FactSet, above second place at $ 510, by Shanghai top analyst Xiao Yu Han. Ives’s target is 15.9% above Friday’s closing price of $ 444.45, and 22.1% above the FactSet average target of $ 421.75. “While the soft macro and COVID backdrop is weighing on short-term consumer demand trends, Apple has a ‘once in a decade’ opportunity over the next 12-18 months as we estimate Cupertino’s approximately 350 million and 950 million iPhones in all over the world are in the window of an update opportunity, “Ives wrote in a note to clients. Shares rose 51.4% year-on-year as of Friday, while the industrial average DJIA Dow Jones,
has fallen 3.9%.