Wedbush boosts AAPL target share price to $350

Tim Cook
Tim Cook (Image credit: Apple)

What you need to know

  • Wedbush has raised its Apple share target price.
  • Dan Ives has Apple valued at $350 per share.
  • He does, however, note that there may be "darker days ahead".

Wedbush analyst Dan Ives has raised his Apple target share price to $350, citing "robust performance" of services and the iPhone 12.

As AppleInsider reports:

Investment bank Wedbush is raising its Apple price target to $350 on what it describes as a robust performance by the company's services, plus prospects of recovering demand and the highly anticipated "iPhone 12."In a note to investors seen by AppleInsider, lead Wedbush analyst Daniel Ives maintained that there are "darker days" ahead for the economy, but adds that clients should use near-term uncertainty as an "opportunity to buy the stock for the other side of the dark valley."

According to the report, investors are mainly focused on Apple's services sector, the performance of which Ives described as "robust". Ives also believes that Apple's plan to reopen more stores and a return to normal service within its supply chain will pave the way for Apple's post-COVID resurgence. Ives believes that around 350 million people fall into Apple's upgrade window, which could signal high demand for Apple's next device.

Ives reiterated his previous prediction that Apple's 5G iPhone lineup would debut towards the end of the year in November or December. Regarding Apple's target price:

The analyst is maintaining Apple's outperform rating, but has bumped its 12-month price target for Apple from $335 to $350, stating that the "eye of the storm is in the rear view mirror" for Apple's supply and demand.That $350 price target is based on a 9.2x multiple for Services and a 4.3x multiple for Apple's mature hardware and iPhone sector. Wedbush's price-to-earnings multiple is 24.9x for the 2020 fiscal year.

Stephen Warwick
News Editor

Stephen Warwick has written about Apple for five years at iMore and previously elsewhere. He covers all of iMore's latest breaking news regarding all of Apple's products and services, both hardware and software. Stephen has interviewed industry experts in a range of fields including finance, litigation, security, and more. He also specializes in curating and reviewing audio hardware and has experience beyond journalism in sound engineering, production, and design. Before becoming a writer Stephen studied Ancient History at University and also worked at Apple for more than two years. Stephen is also a host on the iMore show, a weekly podcast recorded live that discusses the latest in breaking Apple news, as well as featuring fun trivia about all things Apple. Follow him on Twitter @stephenwarwick9