Wedbush Analyst Sees Bright Future for Apple

In a bold move that has investors buzzing, top Wedbush analyst Daniel Ives has increased his price target for Apple (AAPL) shares from $270 to an impressive $310. This surge in valuation reflects his optimism stemming from strong early demand for the iPhone 17.

iPhone 17 Demand Blows Past Expectations!

Ives expressed he was "positively surprised" by the demand trajectory for the iPhone 17, which is reportedly tracking 10% to 15% ahead of its predecessor, the iPhone 16. This early enthusiasm is a tantalizing sign for Apple's future sales.

Production Ramps Up as Demand Rises

Further solidifying his positive outlook, Ives anticipates that supply checks in Asia will boost production by around 20% for both the base iPhone 17 and Pro models. Of particular interest is the new iPhone Air, which Ives believes could emerge as the standout star of this upgrade cycle.

A Wave of Upgrades on the Horizon

Expectations for this upgrade cycle have shifted dramatically. Initially thought to be merely "good," the backdrop of pent-up demand—especially with an estimated 315 million of the 1.5 billion iPhone users not upgrading in the last four years—paints a more promising picture. Alongside design enhancements, this could translate into substantial unit sales.

Revising Unit Estimates: A Bullish Forecast

Ives challenges current perceptions by stating that Wall Street's projection of 230 million iPhone units for Fiscal 2026 seems too conservative. He suggests it could soar to between 240 million and 250 million units, emphasizing that the market is undervaluing the upcoming iPhone cycle.

Current Market Sentiment: Mixed but Hopeful

Despite the positive outlook from Ives, Wall Street remains cautiously optimistic about Apple shares amid macroeconomic concerns, including tariffs and ongoing trade tensions between the U.S. and China. The overall consensus for Apple stock reflects this, with 17 Buys, 14 Holds, and 2 Sells leading to a moderate Buy consensus.

What's Next for Apple Stock?

With an average price target of $248.74 offering just a modest upside from current levels, and AAPL shares down about 3% year-to-date, the market watches closely to see if Ives’ bullish predictions come to fruition. One thing is clear: the excitement around the iPhone 17 is palpable, and it could set the stage for a momentous comeback for Apple.