Daniel ives, an analyst at investment bank wedbush, raised the target price of Apples stock for the next 12 months from $475 in early August to $515, and is expected to reach $600.
At the close of the U.S. stock market on Monday, Apple shares closed at $450.91, with a market capitalization of $1927.926 billion. If Apples share price reaches the $515 expected by Ives in the next 12 months, the market value of Apple will exceed $2.2 trillion, and if it reaches $600, it will exceed $2.5 trillion.
This is the third time that Daniel Ives has raised his target price of apple stock since June. At the end of June, he raised the target price of apple stock for the next 12 months from the previously estimated $375 to $425.
Like the previous two increases, Ives again raised the target price of Apples stock, still optimistic about the upcoming iPhone 12, which will bring about a super update cycle of iPhone, greatly improve the sales of iPhone, and then boost Apples performance.
In previous reports, Ives has predicted that 350 million of the 950 million iPhone users around the world will upgrade their iPhones in this super update cycle brought about by iPhone 12. In this report, he still sticks to that prediction.
In this report, Ives said that although the current global macroeconomic environment is still weak, the super update cycle brought by iPhone 12 may be Apples most important product update cycle since iPhone 6 in 2014.
In this report, Ives also said that they still believe that many analysts on Wall Street underestimated the pent up demand of apple in this super update cycle.
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