Analyst Daniel Ives sees more good news for Apple on the horizon.
From a note to clients that landed on my desktop Sunday:
iPhone 12 strength not slowing down; more good news on the horizon. Apple’s stock has taken a breather since its jaw dropping performance in the December quarter came and passed for the Street in late January. That said, we view this as a short term blip in the stock’s upward trajectory as our Asia supply chain checks continue to show robust strength in this iPhone 12 supercycle into the rest of 2021. Given the fundamental strength we are seeing for this supercycle, coupled by a further re-rating on the horizon, we believe Apple will hit $3 trillion in market cap by year-end.
Maintains Outperform rating and Street-high $175 price target.
My take: Music to the bulls’ ears. Ives’ specialty.