Wedbush analysts led by Daniel Ives announced Monday that iPhone maker Apple (NASDAQ:AAPL) remains its top tech pick, basing the call on the iPhone 15 upgrade cycle. The analyst stated that iPhone 15 sales are seeing a good start to the holiday season following the Black Friday weekend. Furthermore, he said iPhone sales have fared better than expected. Nevertheless, Apple shares fell in Monday’s trading session as of writing.
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Pointing to recent data, Wedbush said iPhone unit sales were back on the rise. In its last earnings report, Apple disclosed that it sold $43.8 billion worth of iPhones, up from $42.6 billion a year earlier. Likewise, services revenue rose to $22.3 billion, up from $19 billion last year.
Meanwhile, Ives dismissed reports that the Chinese government may prohibit employees from using iPhones, which had triggered bearish speculations about Apple’s business in the Asian country. According to the analysts, the reports are a great fictional story by the bears and far from reality. The firm continued that mainland China’s growth remains strong and is a crucial asset for the core iPhone franchise.
What is the Target Price for Apple?
Turning to Wall Street, analysts have a Strong Buy consensus rating on AAPL stock based on 25 Buys and eight Holds assigned in the past three months, as indicated by the graphic below. After a 51.60% rally in its share price this year, the average Apple price target of $202 per share implies 7.13% upside potential.
