Investment bank Wedbush has raised Apple’s target price to $160 per share on the strongest iPhone upgrade cycle since the iPhone 6.
The iPhone 12 was widely anticipated, in large part because of its 5G support. While many analysts have said 5G is not the real selling point, given the technology is still relatively new, that hasn’t stopped the iPhone 12 from being a smashing success. 5G or not, the iPhone 12 has enough improvements and new features to be the most compelling upgrade in years.
In a note to investors that AppleInsider saw, Wedbush lead analyst Daniel Ives said there has been “a clear tick up” in demand for the iPhone 12 Pro and Pro Max, with the iPhone 12 Pro being the “star of the show.”
“We have not seen a launch uptrend such as this in a number of years for Apple and the only iPhone trajectory similar would be the iPhone 6 in 2014 based on our analysis,” Ives continued.
In a separate note seen by AppleInsider, JP Morgan analyst Samik Chatterjee said the firm is seeing lead times before customers receive an order continuing to build for both Pro models. This would seem to indicate that customer demand is stretching Apple’s production to the limit.
This is good news for Apple and proves there is still plenty of room to innovate in a market that is nearing saturation.