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Apple: Wedbush stays 'outperform' ahead of iPhone 11 launch

( - Wedbush Securities on Wednesday maintained its "outperform" rating on the Apple share, along with its target price of 245 dollars, ahead of the official launch of the new iPhone 11 this Friday.

In a note to clients, the broker said the base model iPhone 11 is seeing pre-order activity in the all-important China region that is "roughly double" the level a year ago.

Wedbush pointed out that many Chinese consumers are looking at iPhone 11 as the right phone/price points/specifications to upgrade.

Given demand in China, the broker said it now expects that iPhone launch units could exceed 75 million units, compared to original Street expectations of about 70 million.

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