Apple price target raised to $300 from $285 at Wedbush

Wedbush analyst Daniel Ives raised the firm’s price target on Apple to $300 from $285 and keeps an Outperform rating on the shares. The company yesterday launched the iPhone 16, which will be the most successful iPhone unit launch in its history as Apple Intelligence “will be the launching pad for the consumer AI Revolution globally,” the analyst tells investors in a research note. The firm says the specs and pricing are generally in-line with expectations. It believes the rollout of Apple Intelligence features over the next 6-9 months “is the right strategy to catalyze a major upgrade opportunity within Apple’s installed base.” The “new era of personalization and how consumers interact with their iPhones has now begun,” which will cause a “renaissance of iPhone growth” for Apple over the next 12 to 18 months and drive shares higher with a $4 trillion market cap in 2025, predicts Wedbush. It cites increased confidence in the iPhone 16 artificial intelligence-driven “super cycle” for the target hike.