Shares of Apple Inc. (NAS:AAPL) surged 2.3% toward record territory in premarket trading Monday, putting them on track for a fifth straight gain, after Wedbush analyst Dan Ives said he expects the technology behemoth to report "eye popping" iPhone unit results later this week. Ahead of Apple's fiscal first-quarter results, scheduled to be released after Wednesday's close, Ives raised his price target to $175 from $160 while reiterating his long-time outperform rating. The new target, which implies a 26% gain off of Friday's record close of $139.07, is now the highest among the 41 analysts surveyed by FactSet. "Based on our Asia supply chain checks, we strongly believe the iPhone 12 supercycle hype has become a reality, with this week giving the Street its first glimpse of underlying iPhone 12 demand and key commentary from [CEO Tim] Cook looking ahead into the next few quarters," Ives wrote in a note to clients. "With more order activity kicking in over the last few months for iPhone 12 our reads are very bullish for the March/June quarters and give us incremental confidence in our supercycle thesis on iPhone 12." The stock has climbed 20.9% over the past three months through Friday, while the Dow Jones Industrial Average (DOW:DJIA) has gained 9.4%.
Jan. 25, 2021, 6:46 a.m. EST