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Wedbush analyst Daniel Ives raised the firm's price target on Apple (AAPL) to $160 from $150 and keeps an Outperform rating on the shares.

Recent channel checks in Asia continue to be bullish around iPhone 12 demand both domestically and in China, Ives tells investors in a research note. The analyst is seeing a "clear tick up" for demand in the U.S. around the iPhone 12 Pro versions "with the 6.1-inch model the star of the show."

The Pro Max model is also seeing "very strong demand," which bods well for average selling prices heading into fiscal 2021 on the iPhone 12, says Ives. To reflect increased confidence in the "Apple supercycle thesis," the analyst established a new "bull case" for Apple shares of $200, versus a prior $175 bull target.