Shares of Apple Inc. AAPL, + 1.61%, rose 2.3% to record territory in premarket trading on Monday, putting them on track for a fifth consecutive gain, after Wedbush analyst Dan Ives said it expects the tech giant to report the “mind blowing” iPhone unit results later this week. Ahead of Apple’s first-quarter fiscal results, which are expected to be released after Wednesday’s close, Ives raised his price target to $ 175 from $ 160, while reaffirming his long-standing outperformance rating. The new target, which implies a 26% gain from Friday’s record close of $ 139.07, is now the highest among 41 analysts surveyed by FactSet. “Based on our supply chain checks in Asia, we firmly believe that the excitement about the iPhone 12 super cycle has become a reality, with this week offering Street its first taste of the underlying demand for the iPhone 12 and comments. key from [CEO Tim] Cook looks to the future in the coming quarters, “Ives wrote in a note to customers.” With increased ordering activity starting in recent months for iPhone 12, our readings are very optimistic for the March / June quarters and give us a more confidence in our iPhone 12 supercycle thesis. “The stock was up 20.9% in the past three months through Friday, while the DJIA Dow Jones Industrial Average, -0.57%, gained 9.4% .
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