Apple: stock could hit 400 dollars by year-end, Wedbush says
(CercleFinance.com) - Wedbush Securities sees a bull case under which Apple shares could reach a 400-dollar valuation by year-end, the broker said in a note on Tuesday.
All the good news is not yet priced in the shares, Wedbush said, which cites "massive upgrade opportunity" leading to a 5G "super cycle" with 200 million to 220 million iPhone units.
Wedbush says that its prediction is based on demand seen at recent Asia supply chain checks.
Also, the momentum may couple with a "metamorphosis-like" valuation re-rating by Wall Street analysts around the company's 50 billion dollar+ annual services revenue stream, leading Wedbush to see a price of 400 dollars.
Wedbush - which has an "outperform" rating on the share - is nevertheless sticking to its 12-month target price of 350 dollars.
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