Wedbush raised the firm’s price target on Apple (AAPL) to $310 from $270 and keeps an Outperform rating on the shares. The firm cites strong demand indicates from the iPhone 17 launch for the target increase. Wedbush is “positively surprised” on iPhone 17 demand, saying units are tracking 10%-15% ahead of iPhone 16 thus far. Supply checks in Asia suggest production increases of roughly 20% for base iPhone 17 and Pro models, the analyst tells investors in a research note. The firm believes the new iPhone Air “could be the surprise” of this Apple upgrade cycle based on its store checks over the weekend. Wedbush thinks the Street is “clearly underestimating this iPhone cycle.”
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