Apple stock could rise 62% to $ 225, according to this analyst

Shares of Apple (NASDAQ: AAPL) have already risen 79% in the past year, but will reach new all-time highs in 2021.

This is according to Wedbush analyst Daniel Ives. Today, Ives raised his price target for Apple stock to $ 175 from $ 160, but he also presented a bullish case as to why the stock could rise as high as $ 225. His new base target represents potential gains for investors. investors about 26% of the stock’s closing price of about $ 139 on Friday. It’s his compelling argument for the bull case, however, that should thrill investors.

The iPhone 12. Image source: Apple.

Ives cited “mind blowing” iPhone sales potential, saying Apple’s supply chain checks in Asia showed strong demand for the device. The analyst now believes Apple could have sold up to 90 million iPhones during the December quarter, about 35% of the analyst’s already solid forecast. Ives believes this upward trend continues into the quarters of March and June.

“We believe that based on the current trajectory and in a Cupertino bull case it has the potential to sell north of 240 million units (~ 250 million could be in the cards – a staggering figure),” Ives wrote in a note to clients. “which would easily eclipse Apple’s previous record of 231 million units sold [fiscal year 2015]. “

Will Apple stock reach $ 225?

There have long been predictions of a super cycle for the iPhone maker. It has an installed base of over 1.4 billion active devices, with the iPhone accounting for around 950 million.

Current thinking suggests that up to 350 million iPhone buyers could upgrade their device this year. To put this number into context, Apple sold around 185 million iPhones in 2019. Given the demand for a 5G-enabled iPhone and the number of devices to upgrade, it’s certainly possible that Apple could sell 89% more iPhones. in 2021, but this is certainly a high bar.

Through: www.fool.com

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