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.
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.