Wedbush increases AAPL price target to $175 as Q1 earnings call looms

Apple Store logo
Apple Store logo (Image credit: iMore)

What you need to know

  • Wedbush has raised its AAPL price target to $175.
  • The new prediction comes as Apple's Q1 2021 earnings call looms.

As reported by AppleInsider, investment firm Wedbush has raised its price target for Apple shares to $175 ahead of the company's Q1 2021 earnings call on Wednesday, January 27. Lead analyst Daniel Ives predicts that the company will announce "eye popping" shipments for its iPhone lineup as well as a record-breaking holiday quarter.

The investor note seen by the outlet affirms their initial prediction that the "iPhone 12 supercycle hype has become a reality." Ives believes that Apple will announce iPhone shipments reaching over 90 million in the Q1 2021 quarter, a 25% increase from the analyst's initial forecast from last year.

Ives notes that Wall Street is currently modeling Apple 220 million iPhone units in 2021. Based on Apple's current trajectory, the analyst says that Apple has the potential to sell north of 240 million iPhone units during the year. In a bull case, he adds that a number near $250 million could be on the table.

Iphone 12 Lineup

Iphone 12 Lineup (Image credit: Apple)

Ives says that, while Wall Street currently predicts iPhone shipments of 220 million this year, the new projections could push Apple past even the 250 million mark.

"Importantly, with our estimation that 350 million of 950 million iPhones worldwide are currently in the window of an upgrade opportunity, we believe this will translate into an unprecedented upgrade cycle for Cook & Co. and represents a 'sweep the leg' moment against the lingering bear camp."

The analyst also says that, if the current performance trend continues, the company could hit a $3 trillion market capitalization within a year. Ives had made the same prediction a couple of weeks earlier, saying the company could hit the milestone by 2022.

Joe Wituschek

Joe Wituschek is a Contributor at iMore. With over ten years in the technology industry, one of them being at Apple, Joe now covers the company for the website. In addition to covering breaking news, Joe also writes editorials and reviews for a range of products. He fell in love with Apple products when he got an iPod nano for Christmas almost twenty years ago. Despite being considered a "heavy" user, he has always preferred the consumer-focused products like the MacBook Air, iPad mini, and iPhone 13 mini. He will fight to the death to keep a mini iPhone in the lineup. In his free time, Joe enjoys video games, movies, photography, running, and basically everything outdoors.