As Apple (NASDAQ: AAPL) moves towards its former highs, top-rated Wedbush analyst Daniel Ives remains bullish with a Buy rating on the stock and raised the price target to $205 from $190. The analyst’s price target implies an upside potential of 24.3% at current levels. AAPL stock has gained by more than 9% in the past month and by more than 30% year-to-date.
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The analyst commented, “While Apple clearly has benefited this quarter from December unit shortages that slipped into January/February, we have seen China iPhone demand in particular see a clear tick up this quarter with a strong month of March.”
Regarding his bullishness on the stock, Ives pointed out that besides Apple’s continued strength in hardware, investors should expect its services revenue to accelerate in the coming quarters. The analyst believes that a rise in services revenue is possible as the tech giant has added 100 million new iPhone users over the past 15 months and increased its prices.
The analyst added, “We believe overall the services business is worth $1.2 trillion to $1.3 trillion for Apple’s sum- of-the parts valuation and remains an underappreciated asset by the Street.”
Analysts remain bullish about AAPL stock with a Strong Buy consensus rating based on 24 Buys, five Holds, and one Sell.
