Wedbush analyst Daniel Ives says that the firm’s new Asia supply chain checks are now showing a clear stabilization of demand in China with Apple’s iPhone units expected to show “incremental growth” in 2024 and thus speaks to Wedbush’s thesis that iPhone 15 is catalyzing an upgrade cycle that will exceed Street expectations. The firm believes 225M-230M units is the range of iPhone units for 2024 with an ASP that is now exceeding $900 per share vs. $825 a year ago as more consumers are opting for iPhone Pro/Pro Max with roughly 80% heading down this path vs. a typical 65% in the prior two iPhone cycles. further, Wedbush thinks the “Super Bowl moment for Apple” will be when “Cook & Co. finally take the covers off the generative AI technology being worked on in the labs of Apple Park and introduce it to developers and consumers at WWDC in June” followed by the exclusive AI features it expects to be included on iPhone 16. The firm has an Outperform rating on the shares with a price target of $250.
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