Analyst Daniel Ives expects Apple on Wednesday will report “eye popping” iPhone sales numbers.
Ives, who keeps an outperform rating on the stock, said in a note to investors that Wall Street “is anticipating robust results from Apple on Wednesday after the bell with Cupertino expected to handily beat Street estimates across the board.”
The analyst also raised his bull case price target to $225 USD from $200.
“Based on our Asia supply chain checks,” Ives said, “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.”
Wedbush anticipates that Apple will see its iPhone unit deliveries ticking up by 5 percent in the 60 million to 70 million range for the March quarter, and in the low 40 million range for the June quarter with some upward bias.
“We have not seen a launch uptrend such as this in a number of years for Apple and the only iPhone trajectory similar would be the iPhone 6 in 2014 based on our analysis,” Ives said.
Apple is scheduled to report quarterly results on Wednesday. The company is expected by analysts to report adjusted net income of $24.5 billion USD on sales of $102.8 billion, according to analysts.