Wedbush analyst Daniel Ives raised his price target for Apple (AAPL) to $350 from $325 and keeps an Outperform rating on the shares.
Apple closed Friday down 58c to $279.44.
Following a recent trip to Asia, Ives believes the underlying iPhone demand "remains comfortably ahead" of Street expectations for fiscal 2020 with 185M to 190M units "now the line in the sand" for Apple to hit with positively trending average selling prices. Further, the iPhone 11 is just the front end of this current "supercycle" for Apple with a slate of 5G smartphones set to be unveiled in September, Ives tells investors in a research note.
He believes the new phones "will open up the floodgates on iPhone upgrades across the board that the Street continues to underestimate."
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