During intra-day trading today, Apple’s stock touched an all-time high of $145.09 per share, before closing the day up 2.7% at $142.92 per share.
According to Wedbush Securities analyst, Daniel Ives, he told investors in a note Wall Street “is anticipating robust results from Apple on Wednesday after the bell with Cupertino expected to handily beat Street estimates across the board.”
Ives also raised his price target for Apple to $225, up from $200.
“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,” added Ives.
The Wedbush analyst believes Apple could sell over 240 million iPhones in fiscal year 2021, noting a market cap beyond $3 trillion might be possible over the next 12 months.