A big Apple bull just got more upbeat.
Wedbush analyst Daniel Ives boosted his price target on Apple shares AAPL to $220 from $205 Wednesday, with his new target now the highest among those tracked by FactSet. The stock, up 0.7% shortly after Wednesday’s open, recently changed hands just above $180.Wedbush analyst Daniel Ives boosted his price target on Apple shares AAPL to $220 from $205 Wednesday, with his new target now the highest among those tracked by FactSet. The stock, up 0.
“The initial iPhone units bogey for FY24 looks to be in the ~235 million unit range and we would expect an upside bias,” Ives commented. Don’t miss: Apple wants its Vision Pro to mark a computing revolution. Early testers say it’s still just a fancy headset. Beyond iPhones lies a compelling narrative around services, he noted. The company will get closer to the $100-billion mark for annual services revenue come fiscal 2024 , which Ives said would be up substantially from just above $50 billion in fiscal 2020.
“Herein lies the key to the valuation re-rating that we believe will continue to take place around Apple’s stock as the Street further appreciates the sheer massive potential of this services revenue that we now assign a valuation in the $1.4 trillion range,” Ives wrote. “We believe Apple’s fair valuation could be in the $3.5 trillion range with a bull case $4 trillion valuation by FY25.
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