![\"\"](\"https:\/\/icrowdnewswire.com\/wp-content\/uploads\/2020\/06\/3998-logo.png\"){kind=logo}
<\/p>\n<\/p>\n
![\"article](\"https:\/\/photos5.appleinsider.com\/gallery\/36957-69152-iPhone-12-dummies-xl.jpg\")
<\/div>\nIn a note to investors seen by AppleInsider<\/em>, lead analyst Daniel Ives writes that the company’s Q3 2020 results came in much better than expected and will be a “feather in the bulls cap heading into a massive iPhone 12<\/a> product cycle over the next year.”<\/p>\n<\/div>\n Ahead of earnings, Ives forecast Apple June quarter revenue of $51.35 billion, slightly below the Wall Street consensus of $52.13 billion. Apple reported revenue of $59.7 billion for the quarter.<\/p>\n<\/div>\n “Apple reported total revenue of $59.69 billion (up 11% y\/y) as it absolutely crushed the Street expectation of $52.24 billion estimate by over $7 billion as all geographic regions as well as product lines grew year over year, a very strong feat in our opinion given the current macro environment and COVID backdrop,” Ives writes.<\/p>\n<\/div>\n Apple’s iPhone revenue of $26.4 billion represented growth of 2% year-over-year despite the ongoing “dark COVID storm” hovering over the economy. Ives forecast iPhone revenue of $21.46 billion for the quarter.<\/p>\n<\/div>\n As in previous research notes, Ives continues to believe that China will be a critical region for future iPhone growth, with 20% of upgrades predicted to come from the region. He said that, in China alone, there are likely 60 million to 70 million iPhones in the upgrade window.<\/p>\n<\/div>\n Another boon for the iPhone business is the fact that Apple is “going aggressively at all price points” with devices like the iPhone SE<\/a> and the rumored “iPhone 12<\/a>.” Wedbush is expecting “massive pent up” demand for the latter device into the fall.<\/p>\n<\/div>\n Even though the “iPhone 12” may launch a few weeks later<\/a> than Apple’s typical September timeframe, Ives said that Wedbush is remaining bullish on the upcoming “5G super cycle.”<\/p>\n<\/div>\n For Apple’s other business segments, Ives notes that they all managed to exceed both Wall Street expectations and Wedbush’s own forecasts. Services grew 15% year-over-year, and iPad grew 31%.<\/p>\n<\/div>\n All in all, Ives called Apple’s June earnings report a “performance for the ages” and said that the company’s actual numbers were “teflon-like.” The analyst again reiterated his prediction<\/a> that Apple could be the first company to hit a $2 trillion market valuation milestone in 2021.<\/p>\n<\/div>\n Ives bumped his 12-month AAPL price target to $475, up from $450<\/a> previously. That’s based on a “sum of the parts” (SOTP) methodology with an 11x multiple on Services at $860 billion and a 6x multiple at $1.4 trillion on Hardware.<\/p>\n<\/div>\n Shares of AAPL were trading at $408.88 on the NASDAQ, up 6.27% in intraday trading. Apple’s stock price jumped as high as 6.97% earlier in the morning after Thursday’s earnings call.<\/p>\n<\/div>\n<\/div>\n Tags:<\/b> Mike Peterson |<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"\n\n\n\n\n\n\n\n\n\nSee Campaign: <\/strong>https:\/\/appleinsider.com\/inside\/iphone-12<\/a>
Contact Information:<\/b>
Mike Peterson |<\/p>\n
<\/a>, Wire<\/a>, United States<\/a>, English<\/a><\/p>\n<\/div>\n
\nContact Information:<\/h3>\n
Investment bank Wedbush is raising its AAPL price target to $475 on Apple’s “Picasso-like” June quarter earnings results and the expectation of an “iPhone 12 super cycle.” In a note to investors seen by AppleInsider, lead analyst Daniel Ives writes that the company’s Q3 2020 results came in much better than expected and will be … Continue reading Wedbush raises AAPL target to $475 after earnings ‘performance for the ages’<\/span><\/a> Continue Reading