Apple Inc.’s iPhone 12 sale has surpassed Wedbush’s “bull case scenario” for fiscal 2021, based on Asian supply chain audits, and should increase stock with December results coming soon, analyst Dan Ives wrote. Thursday in a note. “We believe Apple has seen a robust Christmas / holiday season not only on iPhones but also had a strong AirPods performance that will be another product in the back for Cook & Co by 2021,” Ives wrote. Asian audits suggest the supply chain is expecting low to mid-90 million iPhone builds for the quarter, well above the 80 million to mid-80s expected range in mid-December, 75 million expected end of October, and 65 million to 70 million expected range three months ago, he wrote. “This is about a 35% increase from our original and Street forecasts. For the March quarter, we think the number of builds for iPhones is up another 5% over the past week and is now between 60 and 70 million. quarter we think initial builds are in the low 40 million range with possibly upward bias We haven’t seen an upward trend for Apple in a number of years and the only comparable trajectory for iPhone would be the iPhone 6 in 2014 based on our analysis, “Ives said. The Wall Street consensus is that 217 million iPhone sales will be sold in fiscal year 2021, but Wedbush sees the potential for 240 million units,” easily eclipsing the previous Apple record of 231 million units sold. in FY15. Importantly, with our estimate that 350 million of the 950 million iPhones worldwide are currently in the spotlight of an upgrade opportunity, we believe this will translate into an unprecedented upgrade cycle for Cook & Co., “said Ives. Wedbush. rates Apple outperformed with a $ 160 12-month price target and a $ 200 bullcase target. Apple shares rose 0.5% premarket and rose 82% in 2020, while the Dow Jones Industrial Average DJIA,
has won 6.6% and the S&P 500 SPX,
has gained 15.5%.